Material Loss or Damage Sample Clauses
The 'Material Loss or Damage' clause defines the parties' rights and responsibilities in the event that significant harm or destruction occurs to property or assets covered by the agreement. Typically, this clause outlines what constitutes 'material' loss or damage, sets procedures for notification, and may specify remedies such as repair, replacement, or compensation. Its core function is to allocate risk and provide a clear process for addressing substantial losses, thereby reducing uncertainty and potential disputes between the parties.
POPULAR SAMPLE Copied 2 times
Material Loss or Damage. The liability of the Insurers under Section 1 for any one Event at any one Worksite shall not exceed the Limits of Liability and the accumulative amounts of the Sub-limits of Liability stated in the Schedule.
Material Loss or Damage there has been no change in the Assets subsequent to the Effective Date other than in consequence of and in the ordinary course of operation and production which has or would have a material adverse effect on the value, use or operation thereof;
Material Loss or Damage. There shall occur (i) any material damage to, or loss, theft or destruction of, any material assets of any of the Borrowers, (ii) any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than ten (10) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of any of the Borrowers or (iii) any loss, suspension or revocation of, or failure to renew, any license or permit, qualification or contract right now held or hereafter acquired by any of the Borrowers, if such event or circumstance is not covered by business interruption insurance and would have a Material Adverse Effect.
Material Loss or Damage. The Insurers will indemnify the Insured as follows.
Material Loss or Damage. There has been no physical change in the Assets subsequent to the Effective Time (other than in consequence of operation and production in the ordinary course) which has or would have a material adverse effect on the value, use or operation thereof which Purchaser agrees shall exclude:
(i) any material adverse changes in the Assets due to changes in the prices at which Petroleum Substances may be sold; or
(ii) changes in the value of the Assets; or
(iii) changes in reservoir performance.
Material Loss or Damage. If there is any Material Loss prior to the passing of risk the Purchaser shall, within seven days following such loss or damage, by notice in writing at its option either:
(1) terminate this Agreement, and neither party shall be under any further obligation to the other; or
(2) elect to complete the purchase, in which case the proceeds and the right to receive the proceeds of all insurance shall be assigned by the Vendor to the Purchaser on the Closing Date. In the absence of delivery of such notice, the Purchaser shall be deemed to have elected to complete the purchase.
Material Loss or Damage. The Insurers under this Section 1 will indemnify the Insured as follows:
Material Loss or Damage. Anywhere in Australia, including cover for Insured Property whilst in storage and in transit.