LOSS DETERMINATION. A. The amount of business income loss will be determined based on:
1) The net income of the business before the direct physical loss or damage occurred;
2) The likely net income of the business if no physical loss or damage had occurred, but not including any net income that would likely have been earned as a result of an increase in the volume of business due to favorable business conditions caused by the impact of the covered cause of loss on customers or on other businesses;
3) The operating expenses, including payroll expenses, necessary to resume operations with the same quality of service that existed just before the direct physical loss or damage; and
4) Other relevant sources of information, including:
a. Your financial records and accounting procedures;
b. Bills, invoices and other vouchers; and
c. Deeds, liens or contracts.
B. The amount of extra expense will be determined based on:
1) All expenses that exceed the normal operating expenses that would have been incurred by operations during the period of restoration if no direct physical loss or damage had occurred. We will deduct from the total of such expenses:
a. The salvage value that remains of any property bought for temporary use during the period of restoration, once operations are resumed; and
b. Any extra expense that is paid for by other insurance; and
2) Necessary expenses that reduce the business income loss that otherwise would have been incurred.
C. We will reduce the amount of your:
1) Business income loss, other than extra expense, to the extent you can resume your operations, in whole or in part, by using damaged or undamaged property (including merchandise or stock) at the described premises or elsewhere.
2) Extra expense loss to the extent you can return operations to normal and discontinue such
D. If you do not resume operations, or do not resume operations as quickly as possible, we will pay based on the length of time it would have taken to resume operations as quickly as possible.
LOSS DETERMINATION. 7.1 The eligible perils under an Insurance Plan shall be set out in the Operational Document.
7.2 Except as provided for in subsection 7.5, the determination of losses for Crops shall be based on the total production of the Crop, adjusted for quality losses where quality protection is provided, on all areas identified in the Contract of Insurance, compared to the total Production Guarantee for that Crop for the corresponding areas.
7.3 The loss of or damage to an Insured Producer’s Crop shall be determined by the Province in accordance with documented standards and procedures, all of which shall be set out in the Operational Document.
7.4 For the purposes of loss determination, where quality protection is provided, an adjustment shall be made to the total production or the Insurable Value to reflect a quality loss. The method used to make this adjustment shall be set out in the Operational Document.
7.5 Where losses are not determined as specified in subsection 7.2, the procedure for determining such losses shall be set out on the Operational Document.
7.6 Where losses are eligible for payments under both an Insurance Plan and Wildlife Compensation, the Province shall ensure that compensation is paid only once for the same loss.
LOSS DETERMINATION. Upon the occurrence and the continuance of an Event of Default, a Loss of Borrow Termination, a Dividend Event Termination, a Cash Tender Termination, a Corporate Event Termination, Cut-Off Event, a Final Notice Event or a Delisting Termination, notwithstanding any other provision to the contrary in this Letter Agreement, the Non-Defaulting Party, upon notice to the Defaulting Party, may, in its sole discretion, immediately terminate this Transaction by reducing the number of days in the Pricing Period and, if applicable, purchasing the Remaining Share Amount to cover its short position or adjusting any other term hereof, and may sell, liquidate, offset or take any other action with respect to any short position established or maintained by it in connection with this Transaction. The Non-Defaulting Party shall act in good faith and in a commercially reasonable manner (and in consultation with the other party) to determine the amount that such party reasonably in good faith believes to be its total unreimbursed net losses and costs (which may be positive or negative) incurred in connection with the termination of this Letter Agreement (the “Loss”) and upon completion of such determination shall deliver to the Defaulting Party a written notice indicating the amount of such Loss (a “Loss Notice”). Such computation shall include any out-of-pocket losses (including but not limited to the difference between the Initial Share Price and the average price at which the shares are purchased during the Pricing Period (as such Pricing Period may be amended as a result of the operation of this Section X(a)) and any actual or anticipated loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position. In addition to the foregoing, the Non-Defaulting Party may include in its determination of its Loss hereunder such losses and costs (or gains) in respect of any payment or delivery required to have been made on or before the relevant termination date. (b)
LOSS DETERMINATION. Upon the occurrence and the continuance of a Termination Event or an Event of Default, notwithstanding any other provision to the contrary in this Letter Agreement, the Non-Defaulting Party or Non-Terminating Party, upon notice to the Defaulting Party or Terminating Party, may, in its sole discretion, immediately terminate this Transaction. In connection with any such termination, the Non-Defaulting Party or Non-Terminating Party shall reasonably determine in good faith and in a commercially reasonable manner its total losses and costs (or gain, expressed as a negative number) in connection with termination of the Transaction, including any loss of reasonable bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any commercially reasonable hedge or related trading position (or any gain resulting from any of them) (“Loss”). Loss includes losses and reasonable costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant termination date and not made. Loss does not include the Non-Defaulting Party or Non-Terminating Party’s legal fees and out-of-pocket expenses. Such party will determine its Loss in a commercially reasonable manner as of the relevant termination date or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable and, as promptly as reasonably practicable following such determination, notify the Defaulting Party or Terminating Party of the amount of its Loss (such notice, a “Loss Notice”). Further, such party may (but need not) determine the amount of its Loss based on expected losses assuming a commercially reasonable (including, without limitation, with regard to reasonable legal and regulatory guidelines) risk bid were used to determine Loss to avoid awaiting the delay associated with closing out any hedge or related trading position in a commercially reasonable manner prior to or promptly following the relevant termination date. Such party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. Notwithstanding the foregoing, any determination of Loss shall be made without regard to any difference between actual dividends declared and expected dividends as of the Purchase D...
LOSS DETERMINATION. 1. The amount of “Crisis Incident Business Income” loss will be determined based on:
a. The Net Income of the business before the “covered crisis incident” occurred;
b. The likely Net Income of the business if no “covered crisis incident” had occurred, but not including any Net Income that would likely have been earned as a result of an increase in the volume of business due to favorable business conditions caused by the impact of the “covered crisis incident” on customers or on other businesses;
c. The operating expenses, including payroll expenses, necessary to resume “operations” with the same quality of service that existed just before the “covered crisis incident”; and
d. Other relevant sources of information, including:
(1) The “company’s” financial records and accounting procedures;
(2) Bills, invoices and other vouchers; and
(3) Deeds, liens or contracts.
2. The amount of “Crisis Incident Extra Expense” will be determined based on:
a. All expenses, including “Crisis Incident Communications Expenses”, that exceed the normal operating expenses that would have been incurred by “operations” during the “period of restoration” if the “covered crisis incident” had not occurred.
(1) The salvage value that remains of any property bought for temporary use during the “crisis incident period of restoration”, once “operations” are resumed; and
(2) Any extra expense that is paid for by other insurance, except for insurance that is written subject to the same plan, terms, conditions and provisions as this insurance; and
b. Necessary expenses that reduce the Business Income loss that otherwise would have been incurred.
LOSS DETERMINATION. 7.1 The eligible perils under an Insurance Plan shall be set out in the Operational Document.
7.2 Except as provided for in subsection 7.5, the determination of losses for Crops shall be based on the total production of the Crop, adjusted for quality losses where quality protection is provided, on all areas identified in the Contract of
