Common use of Damages and Losses to Property Clause in Contracts

Damages and Losses to Property. 2.9.1 All costs or expenditures necessary to replace or repair damages or losses incurred by fire, flood, storm, theft, accident, or any other cause shall be chargeable to the Joint Account. Operator shall furnish Non-Operators written notice of damages or losses incurred in excess of U.S. $500,000 as soon as practical after report of the same has been received by Operator. All losses in excess of U.S. $500,000 shall be listed separately in the monthly statement of costs and expenditures. 2.9.2 Credits for settlements received from insurance carried for the benefit of Joint Operations and from others for losses or damages to Joint Property or Materials shall be chargeable to the Joint Account. Each Party shall be credited with its Participating Interest share thereof except where such receipts are derived from insurance purchased by Operator for less than all Parties in which event such proceeds shall be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward the insurance coverage. 2.9.3 Expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses for the account of Joint Operations shall be chargeable to the Joint Account.

Damages and Losses to Property. 2.9.1 (1) All costs or expenditures necessary to replace or repair damages or losses incurred by fire, flood, storm, theft, accident, or any other cause shall will be chargeable to the Joint Account. Operator shall must furnish Non-Operators written notice of major damages or losses incurred in excess of U.S. $500,000 250,000 USD as soon as practical practicable after a report of the same has been received by the Operator. All losses in excess of U.S. $500,000 250,000 USD shall be listed separately in the monthly statement of costs and expenditures. 2.9.2 (2) Credits for settlements received from insurance carried for the benefit of Joint Operations and from others for losses or damages to Joint Property joint property or Materials shall material must be chargeable credited to the Joint Account. Each Party shall will be credited with its Participating Percentage Interest share thereof except where such receipts are derived from insurance purchased by Operator for less than all Parties in which event such proceeds shall will be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward the insurance coverage. 2.9.3 (3) Expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses for the account of Joint Operations shall will be chargeable to the Joint Account.

Damages and Losses to Property. 2.9.1 All costs or and expenditures necessary to replace or repair damages damage or losses incurred by fire, flood, storm, theft, accident, or any other cause shall be chargeable to the Joint Accountcause. Operator shall furnish Non-Operators with written notice of damages such damage or losses incurred in excess of U.S. fifty thousand Dollars ($500,000 50,000) as soon as practical practicable after report of the same has been received by Operator. All , AH losses in excess of U.S. fifty thousand Dollars ($500,000 50,000) shall be listed separately in the monthly statement of costs and expenditures. 2.9.2 Credits for settlements received from insurance carried for the benefit of Joint Operations and from others for losses of or damages damage to Joint Property or Materials shall be chargeable to the Joint AccountMaterials. Each Party shall be credited with its Participating Interest share thereof except where such receipts are derived from insurance purchased by Operator for less than all the Parties in which event such proceeds shall be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward the insurance coverage. 2.9.3 Expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses for the account of Joint Operations shall be chargeable to the Joint AccountOperations.

Damages and Losses to Property. 2.9.1 All costs or and expenditures necessary to replace or repair damages damage or losses incurred by fire, flood, storm, theft, accident, or any other cause shall be chargeable to the Joint Accountcause. Operator shall furnish Non-Operators with written notice of damages such damage or losses incurred in excess of U.S. fifty thousand Dollars ($500,000 50,000) as soon as practical practicable after report of the same has been received by Operator. All losses in excess of U.S. fifty thousand Dollars ($500,000 50,000) shall be listed separately in the monthly statement of costs and expenditures. 2.9.2 Credits for settlements received from insurance carried for the benefit of Joint Operations and from others for losses of or damages damage to Joint Property or Materials shall be chargeable to the Joint AccountMaterials. Each Party shall be credited with its Participating Interest share thereof except where such receipts are derived from insurance purchased by Operator for less than all the Parties in which event such proceeds shall be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward the insurance coverage. 2.9.3 Expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses for the account of Joint Operations shall be chargeable to the Joint AccountOperations.

Damages and Losses to Property. 2.9.1 All 2.10.1 Operator may charge the Joint Account for all costs or expenditures necessary to replace or repair damages or losses incurred by fire, flood, storm, theft, accident, or any other cause shall be chargeable to the Joint Accountcause. Operator shall furnish Non-Operators written notice of damages or losses incurred in excess of which are more than U.S. $500,000 as soon as practical after report of the same has been received by Operator. All losses in excess of which are more than U.S. $500,000 shall be listed separately in the monthly Calendar Month statement of costs and expenditures. 2.9.2 Credits 2.10.2 Operator shall credit the Joint Account for all settlements received from insurance carried for the benefit of Joint Operations and from others for losses or damages to Joint Property or Materials shall be chargeable to the Joint AccountMaterials. Each Party shall be credited with its Participating Interest share thereof of the credits except where such receipts the credits are derived from insurance purchased by Operator for less fewer than all Parties in which event such the proceeds of the credits shall be credited to those Parties for whom the insurance was purchased in proportion to the proportion contribution of their respective contributions each toward purchase of the insurance coverageinsurance. 2.9.3 Expenditures 2.10.3 Operator may charge the Joint Account for all expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses judgments for the account of Joint Operations shall be chargeable to the Joint AccountOperations.

Damages and Losses to Property. 2.9.1 All costs or expenditures necessary to replace or repair damages or losses incurred by fire, flood, storm, theft, accident, or any other cause shall be chargeable to the Joint Account. Operator shall furnish Non-Operators written notice of damages or losses incurred in excess of U.S. $500,000 10,000 as soon as practical after report of the same has been received by Operator. All losses in excess of U.S. $500,000 $ 10,000 shall be listed separately in the monthly statement of costs and expenditures. 2.9.2 Credits for settlements received from insurance carried for the benefit of Joint Operations and from others for losses or damages to Joint Property or Materials shall be chargeable to the Joint Account. Each Party shall be credited with its Participating Interest share thereof except where such receipts are derived from insurance purchased by Operator for less than all Parties in which event such proceeds shall be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward the insurance coverage. 2.9.3 Expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses for the account of Joint Operations shall be chargeable to the Joint Account.

Damages and Losses to Property. 2.9.1 (A) All costs or expenditures necessary to replace or repair damages or losses incurred by fire, flood, storm, theft, accident, or any other cause shall be chargeable to the Joint Account. Operator shall furnish Non-Operators written notice of damages or losses incurred in excess of U.S. $500,000 50,000 as soon as practical after report of the same has been received by Operator. All losses in excess of U.S. $500,000 50,000 shall be listed separately in the monthly statement of costs and expenditures. 2.9.2 (B) Credits for settlements received from insurance carried for the benefit of Joint Operations and from others for losses or damages to Joint Property or Materials shall be chargeable to the Joint Account. Each Party shall be credited with its Participating Interest share thereof except where such receipts are derived from insurance purchased by Operator for less than all Parties in which event such proceeds shall be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward the insurance coverage. 2.9.3 (C) Expenditures incurred in the settlement of all losses, claims, damages, judgments, and other expenses for the account of Joint Operations shall be chargeable to the Joint Account.