Mitigation Costs Sample Clauses
Mitigation Costs. If specified to be covered in the Policy Schedule, within the Limit of Liability, We will indemnify You for the necessary cost of temporary repairs incurred to prevent any immediate threat of Property Loss or Personal Injury or Financial Loss, the liability for which would otherwise be indemnifiable under the Insuring Clause (Section 1.1).
Mitigation Costs. The term “
Mitigation Costs. The Insurer will indemnify an Insured Person for any reasonable and necessary payments to a potential claimant, or an Insured Person’s reasonable and necessary costs and expenses incurred as a result of action taken by the Insured Person solely to prevent or mitigate a potential Claim against an Insured Person which, if it were to become a Claim, would give rise to a covered loss under this D&O Coverage Section, provided that:
(i) the circumstances resulting in the payment, costs or expenses are reported in accordance with Section 3.1 (Notice and Reporting) of the General Terms and Conditions of this Policy; and
(ii) any action taken is taken with the prior written consent of the Insurer; and
(iii) The Insured Person demonstrates, to the reasonable satisfaction of the Insurer, that the incurring of such payments, costs or expenses is reasonable and proportionate, and is reasonably likely to prevent or mitigate the potential Claim; and
(iv) the liability of the Insurer under this Section 2.1 (Mitigation Costs) shall in no event exceed the amount of covered Loss it would have incurred if a Claim were to be pursued against the Insured Person; and
(v) the burden of proving that any Claim would be covered under this D&O Coverage Section shall rest with the Cover under this Section 2.1 (Mitigation Costs) shall be subject to the Sub-Limit specified in Item 5 of the Schedule. This Section 2.1 (Mitigation Costs) shall not apply to a potential Claim by the Company against any Insured Person. In no event shall cover under this Section 2.1 (Mitigation Costs) include the remuneration of any Insured Person, costs of their time or any other costs or overheads of any Company.
Mitigation Costs. We use the DEEP model to calculate the annual total abatement cost for each country, as a percentage of their annual GDP. The total abatement cost is calculated by multiplying the average abatement costs (the opportunity cost of reducing emissions) by the regional emission reductions. Figure 5 shows the cost results from Run 1, with the bars denoting the range of burden associated with all the alternative HR runs (see Table 2). 0.40 0.35 0.30 0.25 0.20 0.15 0.10
Mitigation Costs. 223. Under the first scenario, the assumption is that it would have been possible for the Investors to mitigate all their losses suffered as a result of the NAFTA breaches by the Respondent by means of domestic judicial review, which would have been followed by a fresh and untainted JRP Process.
Mitigation Costs a. During the Investigation Period the Buyer has learned that the Property includes wetlands which cannot be developed without the approval of South Florida Water Management District ("SFWMD"); the Village of Royal Palm Beach ("Village"); and/or the Army Corps of Engineers ("ACOE"). In order to obtain such approvals, the Buyer anticipates the imposition of mitigation requirements by SFWMD, Village and ACOE that will result in a substantial financial obligation upon the Buyer. For purposes of this paragraph, the payments required by SFWMD, Village and/or ACOE, together with professional fees incurred by Buyer in pursuing development permits for the wetlands, will be referred to as "Mitigation Cost". The Seller agrees that it will pay the first $270,000 of the Mitigation Cost.
b. Promptly following the execution of this First Amendment, the Buyer will retain an engineering firm reasonably acceptable to the Seller for the purpose of: (i) ascertaining the exact area of the jurisdictional wetlands; and (ii) assisting the Buyer in its submissions to governmental agencies for the necessary permits to develop the wetlands. Once the Buyer has ascertained the exact area of jurisdictional wetlands and has applied for development permits, it will afford the Seller an opportunity to negotiate with SFWMD, the Village, and/or ACOE to obtain permission to contribute land which is owned by the Seller in an effort to reduce the Mitigation Cost.
c. Seller agrees that within a reasonable time after the Buyer has applied for its permits to develop the wetlands, it will make a final decision whether or not it will contribute land in an effort to reduce the Mitigation Cost. Seller acknowledges that it must make its decision promptly in order to avoid any delay in the issuance to Buyer of permits for the wetlands development. The Seller acknowledges that any delay on its part in making its decision whether or not to contribute land may delay the Buyer's efforts in securing its Development Approvals. Accordingly, any such delay on the part of the Seller shall serve to extend the closing date by the same amount of time as the delay.
d. By way of an example, assume that the Mitigation Cost is determined to be $350,000. Assume also that by contributing land the Seller can reduce the Mitigation Cost by $150,000. By doing so, the Seller will be responsible for the payment of $120,000 of Mitigation Cost and the Buyer will be responsible for the balance. If the contribution of land by th...