Valuation and Basis of Recovery Sample Clauses

Valuation and Basis of Recovery. The quantum of a loss hereunder shall be determined as follows: 1. As respects tangible property insured under insuring agreement 1, other than inventories, materials and supplies: (a) if the property is repaired or replaced in kind and at the original site, the basis of valuation will be the Replacement Cost, (b) if the property is repaired other than in kind or is replaced at another site the basis of valuation will be the lesser of the Replacement Cost or the estimated Replacement Cost in kind at the original site at the time of the Occurrence, (c) if one or more of the following applies: (i) the Assured notifies the Underwriter in writing that the property will not be repaired or replaced; (ii) the work of repair or replacement does not commence within twenty four (24) months of the Date of Discovery; (iii) the work of repair or replacement is not completed within a reasonable time; then, unless mutually agreed in writing between the Underwriter and the Assured, the basis of valuation will be Depreciated Cost. Loss as determined under this condition shall not include any increased cost of expediting repair or replacement or Betterment. 2. As respects inventories (including crude petroleum or finished petroleum products), materials or supplies (including materials in process) insured under insuring agreement 1, including such items while in transit shall be valued at Replacement Cost of like kind and quality, at the place and at the time of loss (including all cost and duty if applicable). 3. As respects all records and documents, including but not limited to accounts and other data and manuscripts, mechanical drawings insured under insuring agreement 1, at value blank plus cost of transcribing. 4. As respects insuring agreement 1, shall exclude historical, rare, fine arts, artistic, aesthetic and similar non-utility values. 5. As respects insuring agreements 1 and 2 shall include costs and expenses incurred in safeguarding, preserving and forwarding the property, as well as costs and expenses in respect of general average, sue and labor, salvage, and expenses incurred in the removal of debris or wreck even if incurred solely as the result of Governmental Direction or other authoritative order. 6. As respects insuring agreement 2 (b), expenses incurred to bring a Well that is Out of Control Under Control and notwithstanding the definition of Under Control, costs and expenses incurred as required by applicable law or governmental regulation or Government...
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Valuation and Basis of Recovery. The quantum of a loss reinsured by this policy shall be determined as follows: 1. As respects tangible property reinsured under reinsuring agreement 1, other than inventories, materials and supplies:
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Valuation and Basis of Recovery. The quantum of a loss reinsured by this policy shall be determined as follows:
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Valuation and Basis of Recovery. Subject to the Limits of Liability specified in Section 1. and all other terms, conditions and exclusions of this coverage agreement, the basis of recovery in case of loss shall be as follows: A. On all property, except as provided in paragraphs B through I below, the basis of recovery shall be based upon the valuation codes listed for the covered property in the CIS property schedule as follows: (1) If the property is coded GRV, valuation shall be the Replacement Value of the property at the time of loss, without deduction for depreciation, unless damage is caused by the perils of flood or earthquake. If the damage is caused by the perils of flood or earthquake and if covered damages for all Trust members, either during a single occurrence or in the aggregate, exceed $100 million, such loss shall be adjusted without deduction for depreciation but not to exceed 110% of the value(s) stated on the CIS property schedule for the described property. (2) If the property is coded RV or HRV, valuation shall be the Replacement Value of the property at the time of loss, without deduction for depreciation, but not to exceed 110% of the value(s) stated on the schedule for the described building. (3) If the property is coded FRV, valuation shall be the Functional Replacement Value. Functional Replacement Value shall mean the cost to repair or replace the described building with a less costly building, using contemporary material, which is functionally equivalent to the damaged building. In the event of partial loss, the basis of recovery shall be the cost to repair or replace the damaged portion of the building with less costly materials, if available, in the architectural style that existed before the loss or damage occurred. Such loss shall be adjusted without deduction for depreciation but not to exceed 120% of the value(s) stated on the CIS property schedule for the described building unless damage is caused by the perils of flood or earthquake. If the damage is caused by the perils of flood or earthquake and if covered damages of all Trust members, either during a single occurrence or in the aggregate, exceed $100 million, such loss shall be adjusted without deduction for depreciation but not to exceed 110% of the value(s) stated on the CIS property schedule for the described building. (4) If the property is coded ACV, valuation shall be Actual Cash Value as determined using the market value or the replacement value less proper deduction for depreciation, whicheve...
Sample 1

Related to Valuation and Basis of Recovery

  • Basis of Reinsurance Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • Portfolio Valuation and Diversification Etc Risk Factor Ratings;

  • Basis of Settlement Unless otherwise provided, the Insurer is not liable beyond the actual cash value of the property at the time any loss or damage occurs and the loss or damage shall be ascertained or estimated according to such actual cash value with proper deduction for depreciation, however caused, and shall in no event exceed what it would then cost to repair or replace the same with material of like kind and quality.

  • Statements of Reconciliation after Change in Accounting Principles If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance satisfactory to Administrative Agent;

  • VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES BNY Mellon shall provide the following valuation support and computation accounting services for each Fund:  Journalize investment, capital share and income and expense activities;  Maintain individual ledgers for investment securities;  Maintain historical tax lots for each security;  Corporate action processing as more fully set forth in the SLDs;  Reconcile cash and investment balances of each Fund with the Fund’s custodian or other counterparties as applicable;  Provide a Fund’s investment adviser, as applicable, with the cash balance available for investment purposes at start-of-day and upon request, as agreed by the parties;  Calculate capital gains and losses;  Calculate daily distribution rate per share;  Determine net income;  Obtain security market quotes and currency exchange rates from pricing services approved by a Fund’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund’s investment adviser, and in either case, calculate the market value of each Fund’s investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments (with the exception of the services provided hereunder to Funds utilized for such cash collateral investments), itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations; notwithstanding the foregoing, BNY Mellon shall follow the established procedures and controls to identify exceptions, tolerance breaches, etc. and to research and resolve or escalate any pricing inaccuracies;  Application of the established automated price validation rules against prices received from third party vendors and review of exceptions as identified;  Calculate Net Asset Value in the manner specified in the Fund’s Offering Materials (which, for the service described herein, shall include the Fund’s Net Asset Value error policy);  Calculate Accumulated Unit Values (“AUV”) for select funds as mutually agreed upon between the parties;  Transmit or make available a copy of the daily portfolio valuation to a Fund’s investment adviser;  Calculate yields, portfolio dollar-weighted average maturity and dollar-weighted average life as applicable; and  Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.  For money market funds, obtain security market quotes and calculate the market-value Net Asset Value in accordance with the Fund’s valuation policies and guidelines at such times and frequencies as required by regulation and/or instruction from TRP.

  • Multiple Measures of Student Learning Measures must include a combination of classroom, school and district assessments, student growth percentiles on state assessments, if state assessments are available, and student MEPA gain scores. This definition may be revised as required by regulations or agreement of the parties upon issuance of ESE guidance expected by July 2012.

  • Basis of Computation Interest accrued hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day year.

  • Pricing and Portfolio Valuation All expenses of computing the Fund 's net asset value per share, including any equipment or services obtained for the purpose of pricing shares or valuing the Fund 's investment portfolio.

  • Valuation Date The value of the Collateral shall be determined on the date of the Buy-In (or the payment made pursuant to Section 6.2 below).

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