Volcanic Action Clause Samples

Volcanic Action. We will pay for accidental direct physical loss to a covered building structure or cov- ered property contained in a building structure re- sulting from the eruption of a volcano when the loss is directly and immediately caused by: a. airborne volcanic shock waves; ▇. ▇▇▇, dust, or particulate matter; or c. lava flow. We will also pay for the removal of that ash, dust, or particulate matter that has caused accidental direct physical loss to a covered building structure or cov- ered property contained in a building structure. All volcanic eruptions that occur within any 168-hour period will be considered one volcanic eruption. This coverage does not increase the limit applying to the damaged property.
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Volcanic Action. All volcanic action that occurs within a 72-hour period constitutes a single occurrence.
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Volcanic Action a. This peril means direct loss resulting from the eruption of a volcano when the loss is caused by: (1) Volcanic blast or airborne shock waves; (2) Ash, dust or particulate matter; or (3) Lava flow. b. This peril does not provide coverage for: (1) Damage to land, property in the open or in open sheds; (2) Portions of buildings not completely enclosed; or (3) Personal property contained within those buildings. c. All volcanic eruptions that occur within any 72-hour period will be considered as one volcanic eruption. d. Direct loss includes the cost to remove the ash, dust or particulate matter from the interior and exterior surfaces of the covered building and from personal property contained in the building. Payment for removal applies only to the initial deposit of ash, dust or particulate matter following a volcanic eruption. Subsequent deposits arising from the movement of volcanic dust or ash by wind or other means are not covered.
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Volcanic Action. An electrical insulation breakdown test.
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Volcanic Action. All volcanic action that occurs within a seven day period of time constitutes a single occurrence.
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Volcanic Action a. This peril means direct loss resulting from the eruption of a volcano when the loss is caused by: (1) Volcanic blast or airborne shock waves; (2) Ash, dust or particulate matter; or (3) Lava flow. b. This peril does not provide coverage for: 1) Portions of buildings not completely enclosed; or
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Related to Volcanic Action

  • Regulatory Action (a) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under Section 8(e)(4) or 8(g)(l) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(l)), all obligations of the Employer under this Agreement shall terminate, as of the effective date of such order, except for the payment of Base Salary due and owing under Section 4.1 on the effective date of said order, and reimbursement under Section 4.6 of expenses incurred as of the effective date of termination. (b) If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Employer’s affairs by a notice served under Section 8(e)(3) or 8(g)(l) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(l)), all obligations of the Employer under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Employer shall (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (c) If the Employer is in default (as defined in Section 3(x)(l) of the FDIA), all obligations under this Agreement shall terminate as of the date of default, but the vested rights of the parties shall not be affected. (d) All obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the contract is necessary for the continued operation of the Employer (i) by the director of the Federal Deposit Insurance Corporation (the “FDIC”) or his or her designee (the “Director”), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Employer under the authority contained in 13(c) of the FDIA; or (ii) by the Director, at the time the Director approves a supervisory merger to resolve problems related to operation of the Employer when the Employer is determined by the Director to be in an unsafe and unsound condition. Any rights of the Executive that have already vested, however, shall not be affected by such action.

  • Adverse Actions Take any action or fail to take any action that is intended or is reasonably likely to result in (i) any of its representations and warranties set forth in this Agreement being or becoming untrue in any material respect at any time at or prior to the Effective Time, (ii) any of the conditions to the Merger set forth in Article VI not being satisfied or (iii) a material violation of any provision of this Agreement, except, in each case, as may be required by applicable law or regulation.