Asset Loss Clause Samples

The Asset Loss clause defines the parties' rights and obligations in the event that an asset covered by the agreement is lost, damaged, or destroyed. Typically, this clause outlines procedures for reporting the loss, determining responsibility, and addressing compensation or replacement of the asset. For example, it may specify whether the responsible party must repair or replace the asset, or if insurance proceeds will be used to cover the loss. The core function of this clause is to allocate risk and provide a clear process for handling asset loss, thereby minimizing disputes and ensuring both parties understand their responsibilities.
Asset Loss. To the extent of Net Cash Proceeds received in ---------- connection with an Asset Loss, the Borrower shall prepay the Loans in an amount equal to one hundred percent (100%) of such Net Cash Proceeds unless the Agent shall have elected not to apply the proceeds realized from such Asset Loss to the prepayment of the Loans (such prepayment to be applied as set forth in clause (v) below).
View SourceView Similar (5)
Asset Loss. To the extent of Net Cash Proceeds received in connection with an Asset Loss, CBI or Atcon, as the case may be, shall prepay the Loans (in the case of CBI) or the Term B Loans (in the case of Atcon) in an amount equal to one hundred percent (100%) of such Net Cash Proceeds unless the Agent shall have elected not to apply the proceeds realized from such Asset Loss to the prepayment of the Loans (any such prepayment under this Section 2.3(b)(ii) to be applied, subject to Section 4.8(c), as set forth in clause (vi) below).
View SourceView Similar (4)
Asset Loss. Notwithstanding any other provision of this Agreement: (a) If any Rig or Vehicle shall become an actual or constructive total loss (as determined by the Company's insurance underwriter) prior to the Closing Date: (i) Buyer shall not be required to purchase such Rig or Vehicle, (ii) the Purchase Price shall be reduced by the amount allocated to such Rig or Vehicle pursuant to SCHEDULE 2.3, (iii) the term "Assets" shall be deemed not to include such Rig or Vehicle and the Company shall be entitled to any insurance proceeds and claims with respect thereto (and such proceeds and claims shall be deemed to be Excluded Assets for all purposes hereunder) and (iv) the other provisions of this Agreement shall continue to be in effect and the Closing shall take place in the manner contemplated herein. (b) If a Rig or Vehicle sustains damage (estimated to cost more than $10,000 to repair) not amounting to an actual or constructive total loss prior to the Closing Date, at the Company's election either (i) the Company shall repair or cause to be repaired the damage to the Rig or Vehicle at the Company's own expense or (ii) elect not to repair such Rig or Vehicle. In the case of an election under 4.10(b)(ii), the Buyer may (x) require the Company to assign to Buyer at the Closing the rights the Company has to receive insurance proceeds in respect of such loss or damage or (y) elect to not purchase the Rig or Vehicle and be entitled to a reduction in Purchase Price equal to its value as set out in SCHEDULE 2.3. In the case of either (i) or (ii)(x) above, Buyer shall remain obligated to purchase the Assets on the Closing Date and the Purchase Price shall not be reduced.
View Source
Asset Loss 
View Source

Related to Asset Loss

  • Net Loss A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

  • Property Loss PSU is not responsible for loss or damage to personal property in University Housing due to fire, theft, pests, water, interruption of water or heat or other utility services, damages caused by other Residents, or other causes. Residents are strongly encouraged to carry personal property insurance (commonly referred to as “renters insurance”) and to remove any valuable items from their Space during break periods. Any claims regarding property loss or injury will be referred to PSU Risk Management (▇▇▇.▇▇▇.▇▇▇/▇▇▇▇).

  • DATA LOSS The Company does not accept responsibility for the security of Your account or content. You agree that Your use of the Website or Services is at Your own risk.

  • Capital Account Deficits Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit in such Partner’s Capital Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain. Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the General Partner in accordance with this Section 5.01(e), to the extent permitted by Regulations Section 1.704-1(b), Profit first shall be allocated to the General Partner in an amount necessary to offset the Loss previously allocated to the General Partner under this Section 5.01(e).

  • Casualty Loss If in Owner’s reasonable judgment the premises or the Property is materially damaged by fire or other casualty, Owner may terminate this Agreement within a reasonable time after such determination, by written notice to Resident, in which case Owner will refund prorated, pre-paid rent and all deposits less lawful deductions unless Resident and/or Resident’s guest(s) caused the casualty, in which case all funds on account will be applied to all applicable charges related to the damages and Resident will be responsible for the balance of all charges for repairs. If following a fire or other casualty Owner has not elected to terminate this Agreement, Owner will rebuild the damaged areas within a reasonable time, and during such reconstruction, Resident will be provided a reasonable rent reduction for the unusable portion of the premises unless Resident and/or Resident’s guest(s) caused the casualty.