Common use of Non-Material Casualty Clause in Contracts

Non-Material Casualty. If, prior to Closing, any part of the Assets is damaged or destroyed by fire, flood, storm, or other casualty (a “Casualty”), if in Buyer’s reasonable good faith estimation the amount of aggregate damages caused by one or more Casualties to the ▇▇▇▇▇ Point Gas Plant does not exceed $1,000,000 net to the interest of Seller (the “Casualty Threshold”), Buyer shall proceed to purchase the Assets, and unless the Casualty is repaired prior to Closing, the Purchase Price shall be reduced by Seller’s share of the repair or replacement cost thereof, as applicable, of the damaged or destroyed assets. Purchase and Sale Agreement 15 November 2011

Non-Material Casualty. If, prior to Closing, any part of the Assets is damaged or destroyed by fire, flood, storm, or other casualty (a “Casualty”), if in Buyer’s reasonable good faith estimation the amount of aggregate damages caused by one or more Casualties to the ▇▇▇▇▇ Point Gas Plant does not exceed $1,000,000 net to the interest of Seller (the “Casualty Threshold”), Buyer shall proceed to purchase the Assets, and unless the Casualty is repaired prior to Closing, the Purchase Price shall be reduced by Seller’s share of the repair or replacement cost thereof, as applicable, of the damaged or destroyed assets. Purchase and Sale Agreement 15 November 2011.