Common use of Notification of Casualty Loss Clause in Contracts

Notification of Casualty Loss. From the date of this Agreement until the Closing Date, Seller shall promptly give notice to Buyer of any Casualty Loss with respect to any of the Timberlands of which Seller has knowledge occurring during the period from May 1, 2011 through the end of the day immediately prior to the Closing Date (the “Adjustment Period”), together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below), as determined in good faith by Seller, resulting from such Casualty Loss. Buyer shall have until the sixtieth (60th) day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands that occurred during the Adjustment Period but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i), together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty Damages, as determined in good faith by Buyer, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Buyer prior to the expiration of such 60-day period, Buyer shall be deemed to have waived its rights to receive an adjustment to the Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.6(c), apart from any adjustment to the Purchase Price for any portion of such Casualty Loss that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i), and Buyer shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) is intended to override the condition to Closing contained in Section 6.2(g) or the termination right set forth in Section 8.1(e).

Notification of Casualty Loss. From the date of this Agreement until the Closing Date, Seller shall promptly give notice to Buyer Parent upon obtaining Seller’s Knowledge of any Casualty Loss with respect to any of the Timberlands of which Seller has knowledge occurring during the period from May 1, 2011 through the end of the day immediately prior to the Closing Date (the “Timber Adjustment Period”)Period and affecting more than 250 acres as determined in good faith by Seller, together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below)timber, as determined in good faith by Seller, resulting from such Casualty Loss. Buyer Parent shall have until the sixtieth (60th) 60th day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands that occurred during the Timber Adjustment Period but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i)2.3(c)(i) and that affected more than 250 acres as determined in good faith by Parent, together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty Damagestimber, as determined in good faith by BuyerParent, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Buyer Parent prior to the expiration of such 60-day period, Buyer the Buying Parties shall be deemed to have waived its their rights to receive an adjustment to the Closing Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.6(c2.3(c), apart from any adjustment to the Closing Purchase Price for any portion of such Casualty Loss that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i2.3(c)(i), and Buyer the applicable Timber LLC shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) is intended to override the condition to Closing contained in Section 6.2(g) or the termination right set forth in Section 8.1(e).

Notification of Casualty Loss. From the date of this Agreement Effective Date until the Closing Date, Seller shall promptly give notice to Buyer Purchaser of any Casualty Loss with respect to any of the Timberlands of which Seller has knowledge occurring during the period from May 1Timber Adjustment Period and having a fair market value in excess of $250,000, 2011 through the end of the day immediately prior to the Closing Date (the “Adjustment Period”)as determined in good faith by Seller, together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below)Timber, as determined in good faith by Seller, resulting from such Casualty Loss. Buyer Purchaser shall have until the sixtieth (60th) day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands that occurred during before the Adjustment Period Closing but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i1.7(c)(i), together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty DamagesTimber, as determined in good faith by BuyerPurchaser, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Buyer Purchaser prior to the expiration of such 60-day period, Buyer Purchaser shall be deemed to have waived its rights to receive an adjustment to the Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.6(c1.7(c), apart from any adjustment to the Purchase Price for any portion of such Casualty Loss that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i1.7(c)(i), and Buyer Purchaser shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) 1.7(c), is intended to override the condition to Closing contained in Section 6.2(g9.1(c) or the termination right set forth in Section 8.1(e11.1(d).

Notification of Casualty Loss. From the date of this Agreement until the Closing Date, Seller shall promptly give written notice to Buyer Purchaser upon obtaining Seller’s Knowledge of any Casualty Loss with respect to any of the Timberlands of which Seller has knowledge occurring during the period from May commencing January 1, 2011 2009 through the end of the day immediately prior to the Closing Date (the “Adjustment Period”)Date, together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below)timber, as determined in good faith by SellerSeller based upon then-current pricing for salvage timber, resulting from such Casualty Loss. Buyer Purchaser shall have until the sixtieth thirtieth (60th30th) day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands that occurred during the Adjustment Period such period but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i), together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty Damagestimber, as determined in good faith by BuyerPurchaser based upon then-current pricing for salvage timber, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Buyer Purchaser prior to the expiration of such 6030-day period, Buyer Purchaser shall be deemed to have waived its rights to receive an adjustment to the Pre-Adjustment Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.6(c), apart from any adjustment to the Pre-Adjustment Purchase Price for any portion of such Casualty Loss that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i), and Buyer Purchaser shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) is intended to override the condition to Closing contained in Section 6.2(g) or the termination right set forth in Section 8.1(e).

Notification of Casualty Loss. From the date of this Agreement until the Closing Date, Seller shall promptly give notice to the relevant Buyer Parent upon obtaining any Selling Parties’ Knowledge of any Casualty Loss with respect to on any of the Timberlands of which Seller has knowledge FMA involving damaged or lost timber on such FMA occurring during the period from May 1between November 15, 2011 through the end of the day immediately prior to 2005 and the Closing Date (the “Adjustment Period”), together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below), affecting more than 100 acres as determined in good faith by Seller, resulting from such Casualty Loss. Buyer shall have until the sixtieth (60th) day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands that occurred during the Adjustment Period but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i), together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty Damagestimber, as determined in good faith by BuyerSeller, resulting from such Casualty Loss. The Buyer Representative shall have until the 90th day after the Closing Date to deliver to Seller written notice of any Casualty Loss that was not identified by Seller in accordance with the previous sentence of this Section 2.3(c)(i) and that involved damaged or lost timber having a fair market value in excess of $2,000,000, together with a written estimate of the fair market value of the damaged or lost timber, as determined in good faith by the Buyer Representative, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from the Buyer Representative prior to the expiration of such 6090-day period, the Buyer Representative shall be deemed to have waived its the rights of the relevant Buying Party to receive an adjustment to the a Purchase Price adjustment in respect of any such Casualty Loss pursuant to this Section 1.6(c)in excess of $2,000,000, apart from any adjustment to the Purchase Price adjustment for any portion of such Casualty Loss exceeding $2,000,000 that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i2.3(c)(i), and Buyer the relevant Cash Entity or Timber Entity, as the case may be, shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) is intended to override the condition to Closing contained in Section 6.2(g) or the termination right set forth in Section 8.1(e).

Notification of Casualty Loss. From the date of this Agreement until the Closing Date, Seller shall promptly give notice to Buyer Purchaser upon obtaining Seller’s Knowledge of any Casualty Loss with respect to any of the Timberlands of which Seller has knowledge occurring during the period from May 1, 2011 through the end of the day immediately prior to the Closing Date (the “Timber Adjustment Period”), together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below)timber, as determined in good faith by Seller, resulting from such Casualty Loss. Buyer Purchaser shall have until the sixtieth thirtieth (60th30th) day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands that occurred during the Timber Adjustment Period but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i1.6(d)(i), together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty Damagestimber, as determined in good faith by BuyerPurchaser, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Buyer Purchaser prior to the expiration of such 6030-day period, Buyer Purchaser shall be deemed to have waived its rights to receive an adjustment to the Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.6(c1.6(d), apart from any adjustment to the Purchase Price for any portion of such Casualty Loss that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i1.6(d)(i), and Buyer Purchaser shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) is intended to override the condition to Closing contained in Section 6.2(g) or the termination right set forth in Section 8.1(e).

Notification of Casualty Loss. From the date of this Agreement until the Closing Date, Seller shall promptly give notice to Buyer of any Casualty Loss with respect to any of the Timberlands Combined Real Property of which Seller has knowledge occurring during the period from May 1, 2011 through the end of the day immediately prior to the Closing Date (the “Adjustment Period”), together with a written estimate of the acreage affected (location and amount) and the fair market value of the damaged or lost Timber and the anticipated amount of any Casualty Damages (as defined below), as determined in good faith by Seller, resulting from such Casualty Loss. Buyer shall have until the sixtieth (60th) day after the Closing Date to deliver to Seller written notice of any Casualty Loss with respect to the Timberlands or the land subject to the Timber Lease that occurred during the Adjustment Period but was not identified by Seller in accordance with the previous sentence of this Section 1.6(c)(i), together with a written estimate of the fair market value of the damaged or lost Timber and any anticipated Casualty Damages, as determined in good faith by Buyer, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Buyer prior to the expiration of such 60-day period, Buyer shall be deemed to have waived its rights to receive an adjustment to the Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.6(c), apart from any adjustment to the Purchase Price for any portion of such Casualty Loss that was identified by Seller prior to the Closing pursuant to the first sentence of this Section 1.6(c)(i), and Buyer shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this Section 1.6(c) is intended to override the condition to Closing contained in Section 6.2(g) or the termination right set forth in Section 8.1(e).