Common use of Material Loss Clause in Contracts

Material Loss. If the Casualty Renovation Cost for any single Hotel exceeds Four Million Dollars ($4,000,000) or the Casualty Renovation Cost for the aggregate of all the Hotels exceeds Twenty Million Dollars ($20,000,000), the Buyer Parties may elect, at their option, to terminate this Agreement by notifying the Company within five (5) days after the date that the Casualty Renovation Cost is determined, in which case the ▇▇▇▇▇▇▇ Money Deposit shall be delivered to Parent, and neither party shall have any further rights or obligations hereunder, except as explicitly provided in this Agreement. If the Buyer Parties fail to make its election timely to terminate this Agreement, then the Closing shall take place as provided herein without reduction of the Company Merger Consideration, and Parent shall be entitled to all insurance proceeds in connection with the Casualty in the event the Casualty is insured against and the Company shall pay to Parent the amount of any deductible, under applicable insurance policies, or have the Company Merger Consideration reduced by the Casualty Renovation Cost in the event the Casualty is not insured against.