Casualty Loss definition

Casualty Loss means, with respect to any item of Equipment, the loss, theft, damage beyond repair or governmental condemnation or seizure of such item of Equipment.

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Casualty Loss has the meaning set forth in Section 6.3(b).

Casualty Loss means the irreparable loss or destruction of Equipment.

Examples of Casualty Loss in a sentence

• To the extent not included in the calculation of the Restoration Cost, Seller shall be entitled to receive all Proceeds related to such Casualty Loss, and, to the extent any such Proceeds are received by Buyer or any of its Affiliates (including any Company Entity) after the Closing, Buyer shall, within five (5) Business Days of receipt thereof, pay, or cause to be paid, such Proceeds to Seller.

• To the extent not included in the calculation of the Restoration Cost, (i) Seller shall be entitled to receive all Proceeds related to such Casualty Loss and, and (ii) to the extent any such Proceeds are received by Buyer or any of its Affiliates (including any Company Entity) after the Closing, Buyer shall, within five (5) Business Days of receipt thereof, pay, or cause to be paid, such Proceeds to Seller.

• If neither Party elects to terminate this Agreement prior to Closing, then at the Closing, the Enterprise Value shall be reduced by an amount equal to the Restoration Cost, and such Casualty Loss shall not be taken into account for purposes of determining whether the conditions set forth in Article VII have been satisfied.

• If neither Members’ Representative nor Buyer elects to terminate this Agreement prior to Closing, then at the Closing, the Enterprise Value shall be reduced by an amount equal to the Restoration Cost, and such Casualty Loss shall not be taken into account for purposes of determining whether the conditions set forth in ARTICLE VI have been satisfied.

More Definitions of Casualty Loss

Casualty Loss is defined in Section 6.5(a).

Casualty Loss means any loss, damage or reduction in value resulting from mechanical failure or defects, catastrophic occurrences, acts of God and any other losses which are not the result of (i) normal wear and tear, (ii) natural reservoir changes or (iii) changes in commodity pricing, operating expenses or the financial condition of a Party.

Casualty Loss means, with respect to all or any portion of the Assets, any destruction by fire, storm or other casualty, or any condemnation or taking or threatened condemnation or taking, of all or any portion of the Assets.

Casualty Loss has the meaning set forth in Section 6.12(a).

Casualty Loss has the meaning specified in Section 2.4.

Casualty Loss means such term as defined in Section 7.6.

Casualty Loss means any destruction by fire, blowout, storm or other casualty, or any taking, or pending or threatened taking, in condemnation or expropriation or under the right of eminent domain, of any of the Assets or portion thereof or if proceedings for such purposes shall be pending or threatened, in each case, that occurs on or after the Execution Date and prior to the Closing Date.