Catastrophic Loss Clause Samples
A Catastrophic Loss clause defines the parties' rights and obligations in the event of a severe, unexpected loss that significantly impacts the subject matter of the contract, such as destruction of property or major operational disruption. Typically, this clause outlines what constitutes a catastrophic loss, the procedures for notification, and the allocation of liability or insurance responsibilities between the parties. Its core function is to provide a clear framework for managing extreme, unforeseen events, thereby reducing uncertainty and potential disputes when such losses occur.
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Catastrophic Loss. 21.1 In the event that the Leased Premises is destroyed or becomes totally or partially unusable because of fire, flood, earthquake, or other casualty, the Lessee will replace and/or repair the Leased Premises, with the cost and expense born equally by the parties.
21.2 If the Lessee is required to replace or repair the Leased Premises to its previous standard under Section 22.1 but fails to do so within a six (6) month period, the Lessor may, without waiving any rights under this Lease Agreement, terminate this Lease Agreement.
Catastrophic Loss. Buyer shall release, defend, and indemnify Seller Group from and against any and all Claims arising out of or in connection with the provision of Goods and/or Services under this Agreement in respect to or resulting from (i) damage to any reservoir or productive formation or the loss of oil or gas therefrom; (ii) loss or damage to the wellbore, including the cost of well control and re-drill; (iii) containment and clean-up resulting from the use of Seller’s or subcontractor’s radioactive tools or any contamination resulting therefrom (including, without limitation, retrieval and/or containment and clean-up); (iv) containment and clean-up resulting from damage to, or escape of any substance from, any pipeline, well or storage facility; or (iv) costs to control and clean-up following a blowout, fire, explosion, cratering or any uncontrolled well condition (including, without limitation, the costs to control a wild well and the removal of all debris), and the loss of oil or gas caused by or resulting from a blowout or explosion, Regardless of Fault.
Catastrophic Loss. The County shall pay the cost of replacing an employee’s personal tools, less $125.00, if they are stolen from County premises as a result of unlawful breaking and entering of County premises, or if they are ruined by natural catastrophe (fire, flood or earthquake) on County premises at any time if the value of the stolen or ruined tool exceeds $125.00. The term ―premises‖ as used herein shall include County service vehicles while on official County business, and shall not when such vehicles are not in service.
25.3.1. To be entitled to such reimbursement for catastrophic loss, it shall be the employee’s responsibility to file with the County a complete inventory of personally owned tools which are normally and consistently used on County business and retained on County premises. Such inventory shall be subject to periodic audit by the County, and shall be kept up to date by the employee on a continuing basis as tools are added to or deleted from the inventory.
Catastrophic Loss. In the event of a Catastrophic Loss, the Company shall redeem Securities in inverse order of maturity, if applicable, in an amount equal to the Securities Percentage of the applicable Proceeds ratably among each series at a redemption price equal to the principal amount thereof plus accrued interest to the Redemption Date.
Catastrophic Loss. Buyer shall release, defend, and indemnify Seller Group from and against any and all Claims arising out of or in connection with the provision of Goods and/or Services under this Agreement in respect to or resulting from (i) damage to any reservoir or productive formation or the loss of oil or gas therefrom; (ii) loss or damage to the wellbore, including the cost of well control and re-drill; (iii) containment and clean-up resulting from the use of Seller’s or subcontractor’s radioactive tools or any contamination resulting therefrom (including, without limitation, retrieval and/or containment and clean-up);
Catastrophic Loss. Service Provider will notify Client promptly of any Catastrophic Loss and will file a claim with its insurance carrier. Client shall timely provide Service Provider with any information reasonably requested in order to process such claim with the insurance carrier. Within 10 business days after receipt of payment of the claim by the insurance carrier, Service Provider will pay amounts applicable to Client’s Loss Claim Value (on a pro rata basis) resulting from the Catastrophic Loss to Client.
Catastrophic Loss. Any one or more of State Auto Mutual, State Auto P&C, Milbank Insurance Company, State Auto Insurance Company of Ohio, Farmers Casualty Insurance Company, State Auto Insurance Company of Wisconsin, State Auto National Insurance Company, Meridian Security Insurance Company, Meridian Citizens Security Insurance Company and Meridian Citizens Mutual Insurance Company shall have incurred liability in excess of $120,000,000 in the aggregate in respect of catastrophic loss claims and/or loss adjustment expenses resulting from the occurrence of a single catastrophic event (but excluding catastrophic loss claims and/or adjustment expenses under war-risk, terrorism, hijacking, governmental confiscation or expropriation insurance coverage) and the Company shall have received a certificate of a senior financial officer of State Auto Financial to such effect.
Catastrophic Loss. There shall not have occurred after the date hereof and prior to Closing any loss, damage or destruction of more than fifty percent (50%) of the value of the Assets determined in accordance with Section 3.3, in which event Seller shall provide written notice to ImageX and Buyer immediately following the occurrence of such loss, damage or destruction of Seller's determination not to close hereunder by virtue of this Section 9.8
Catastrophic Loss. Since the Balance Sheet Date, the Companies have not suffered any loss or damage due to or arising out of fire, flood, explosion, hurricane or other casualty, calamity, accident or act of God that is a Material Adverse Change or will have a material adverse effect upon the Assets, financial condition, results of operations, performance, business or prospects of either of the Companies ("Material Adverse Effect").
Catastrophic Loss. Any one or more of State Auto Mutual, State Auto P&C, Milbank Insurance Company, Farmers Casualty Insurance Company, Midwest Security Insurance Company and State Auto National Insurance Company shall have incurred liability in excess of $120,000,000 in the aggregate in respect of catastrophic loss claims and/or loss adjustment expenses resulting from the occurrence of a single catastrophic event and the Company shall have received a certificate of a senior financial officer of State Auto Financial to such effect.