Common use of Destruction of Assets Clause in Contracts

Destruction of Assets. All risk of loss with respect to the assets and business of the Company shall be borne by the Company until the Closing to the extent set forth in this Section 11. If on the date hereof any assets of the Company shall have suffered loss or damage on account of fire, flood, accident, act of war, civil commotion, or any other cause or event beyond the reasonable power and control of the Company (whether or not similar to the foregoing) to an extent which materially affects the value to Newpark of the Company Shares, Newpark shall have the right at its election to complete the Merger (in which event, as Newpark's sole and exclusive remedy with respect to the consequences of such loss or damage, all claims of the Company with respect to such loss or damage and all insurance proceeds arising therefrom shall be for the account of the Company), or, if it does not so elect, it shall have the right, which shall be in lieu of any other right or remedy whatsoever, to terminate this Agreement. In the latter event, all parties shall be released from liability hereunder.

Destruction of Assets. All risk of loss with respect to the assets and business of the Company shall be borne by the Company Stockholders until the Closing to the extent set forth in this Section 1114. If on the date hereof Closing Date any assets of the Company shall have suffered loss or damage on account of fire, flood, accident, act of war, civil commotion, or any other cause or event beyond the reasonable power and control of the Company (whether or not similar to the foregoing) to an extent which materially affects the value to Newpark of the Company Shares, Newpark shall have the right at its election to complete the Merger acquisition (in which event, as Newpark's sole and exclusive remedy with respect to the consequences of such loss or damage, all claims of the Company with respect to such loss or damage and all insurance proceeds arising therefrom shall be for the account of the Company), or, if it does not so elect, it shall have the right, which shall be in lieu of any other right or remedy whatsoever, to terminate this Agreement. In the latter event, all parties shall be released from liability hereunder.

Destruction of Assets. All risk of loss with respect to the assets and business of the Company shall be borne by the Company Partners until the Closing to the extent set forth in this Section 1114. If on the date hereof Closing Date any assets of the Company shall have suffered loss or damage on account of fire, flood, accident, act of war, civil commotion, or any other cause or event beyond the reasonable power and control of the Company (whether or not similar to the foregoing) to an extent which materially affects the value to Newpark Buyers of the Company SharesInterests, Newpark Buyers shall have the right at its their election to complete the Merger acquisition (in which event, as Newpark's Buyers' sole and exclusive remedy with respect to the consequences of such loss or damage, all claims of the Company with respect to such loss or damage and all insurance proceeds arising therefrom shall be for the account of the Company), or, if it does they do not so elect, it they shall have the right, which shall be in lieu of any other right or remedy whatsoever, to terminate this Agreement. In the latter event, all parties shall be released from liability hereunder.

Destruction of Assets. All risk of loss with respect to the assets and business of the Company shall be borne by the Company until the Closing to the extent set forth in this Section 1114. If on the date hereof Closing Date any assets of the Company shall have suffered loss or damage on account of fire, flood, accident, act of war, civil commotion, or any other cause or event beyond the reasonable power and control of the Company (whether or not similar to the foregoing) to an extent which materially affects the value to Newpark of the Company Shares, Newpark shall have the right at its election to complete the Merger acquisition (in which event, as Newpark's sole and exclusive remedy with respect to the consequences of such loss or damage, all claims of the Company with respect to such loss or damage and all insurance proceeds arising therefrom shall be for the account of the CompanyNewpark), or, if it does not so elect, it shall have the right, which shall be in lieu of any other right or remedy whatsoever, to terminate this Agreement. In the latter event, all parties shall be released from liability hereunder.

Destruction of Assets. All risk of loss with respect to the assets and business businesses of the Company Companies shall be borne by the Company Stockholders until the Closing to the extent set forth in this Section 11. If on the date hereof any assets of the Company Companies shall have suffered loss or damage on account of fire, flood, accident, act of war, civil commotion, or any other cause or event beyond the reasonable power and control of the Company Companies (whether or not similar to the foregoing) to an extent which materially affects the value to Newpark of the Company Target Shares, Newpark shall have the right at its election to complete the Merger Exchange (in which event, as Newpark's sole and exclusive remedy with respect to the consequences of such loss or damage, all claims of the Company Companies with respect to such loss or damage and all insurance proceeds arising therefrom shall be for the account of the CompanyCompanies), or, if it does not so elect, it shall have the right, which shall be in lieu of any other right or remedy whatsoever, to terminate this Agreement. In the latter event, all parties shall be released from liability hereunder.

Destruction of Assets. All risk of loss with respect to the assets and business of the Company Companies shall be borne by the Company Stockholders until the Closing to the extent set forth in this Section 1114. If on the date hereof Closing Date any assets of the Company Companies shall have suffered loss or damage on account of fire, flood, accident, act of war, civil commotion, or any other cause or event beyond the reasonable power and control of the Company Companies (whether or not similar to the foregoing) to an extent which materially affects the value to Newpark of the Company Target Shares, Newpark shall have the right at its election to complete the Merger acquisition (in which event, as Newpark's sole and exclusive remedy with respect to the consequences of such loss or damage, all claims of the Company Companies with respect to such loss or damage and all insurance proceeds arising therefrom shall be for the account of the CompanyCompanies), or, if it does not so elect, it shall have the right, which shall be in lieu of any other right or remedy whatsoever, to terminate this Agreement. In the latter event, all parties shall be released from liability hereunder.