Common use of Immaterial Event Clause in Contracts

Immaterial Event. If, prior to Closing, any Project is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the Closing Date without reduction of the Purchase Price, and the Seller that owns the affected Project will assign to Purchaser the physical damage proceeds of any insurance policies payable to such Seller, or such Seller's rights to any portion of any condemnation award (but such Seller shall retain insurance recoveries or condemnation aware reimbursing such Seller for its expenditures, if any, in making repairs or replacements of any such damage, destruction or taking), and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Immaterial Event. If, prior to Closing, any Project is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the Closing Date without reduction of the Purchase Price, and the Seller that owns the affected Project will assign to Purchaser the physical damage proceeds of any insurance policies payable to such Seller, or such Seller's rights to any portion of any condemnation award (but such Seller shall retain insurance recoveries or condemnation aware reimbursing such Seller for its expenditures, if any, in making repairs or replacements of any such damage, destruction or PURCHASE AND SALE AGREEMENT CRV PROPERTY taking), and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.