Damage Limitation definition

Damage Limitation means (a) $1,000,000 with respect to a Known Breach, other than a wilful and intentional act taken after the date of this Agreement for which Seller is obligated under clauses (b) or (c) below; (b) an amount equal to the net proceeds of sale which would otherwise be due Seller hereunder (but for the wilful act of Seller described herein) with respect to a monetary Known Breach which is a wilful and intentional act of Seller (but not of its agents or third-party managers) taken after the date of this Agreement, for which Buyer's damages or other remedies are of a liquidated nature that is readily ascertainable; and (c) $6,000,000 with respect to all other Known Breachs which arise out of a wilful and intentional act of Seller (but not of its agents or third party managers) taken after the date of this Agreement. Seller may use the proceeds from the sale to cure any Known Breach and shall use the proceeds of sale to cure any Known Breach described under clause (a) which is liquidated and monetary in nature and readily ascertainable and under clause (b), in each case subject to the applicable Damage Limitation. Seller shall provide Buyer with notice of whether or not it has cured a Known Breach on or prior to the expiration of the Seller's Cure Period and evidence reasonably satisfactory to Buyer of any such cure. Notice of cure as required herein may be delivered by facsimile transmission to the FAX numbers set forth in Section 14 below (and such notice shall be deemed given on the date set forth in Section 14 below).
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Examples of Damage Limitation in a sentence

  • If any part of the foregoing provisions related to the agreement to arbitrate disputes is found to be unenforceable, then none of the provisions regarding arbitration will apply, but the Damage Limitation, Class Action Waiver and the Jury Trial Waiver shall continue to apply.

  • The following Sections of this Agreement shall survive termination or expiration of the Agreement: 1 (Definitions); 4 (Title); 5 (Licenses); 7 (License Fees and Royalties); 9 (Warranties, Representations and Undertakings); 10 (Indemnification); 11 (Confidentiality); 12.5 (Survival); 13 (Damage Limitation); and 14 (General).

  • The Fund understands the Damage Limitation and considers it reasonable and appropriate.

  • Subject to the Aggregate Damage Limitation, and provisions of Section 13.13 below, each right or remedy of the Parties provided for in this PPA shall be cumulative of and shall be in addition to every other right or remedy provided for in this PPA, and the exercise, or the beginning of the exercise, by a Party of any one or more or the rights or remedies provided for herein shall not preclude the simultaneous or later exercise by such Party of any or all other rights or remedies provided for herein.

  • If the Company has at any time paid money damages to the Borough or on behalf of the Borough at the Borough's direction, equal to or greater than 90% of the Dam age Limitation Am oun t, the Borough shall so notify the Company, whereupon the Company may, within five business days of receipt of such notice, certify to the Borough in writing that it will increase the applicable Damage Limitation Amoun t by a stated dollar amount.

  • Notwithstanding the foregoing, this Damage Limitation shall not apply to claims alleging the breach of the no solicitation or confidentiality provisions contained in these Policies.

  • Amounts payable pursuant to this Section 3.2.1(a) shall be subject to the Aggregate Damage Limitation.

  • Damage Limitation The liability of Symbiote arising out of the sale or use of the product, whether based on negligence, breach of contract, strict liability or otherwise, shall not in any event exceed the original purchase price of the product.

  • The Lessor shall have the right at any ▇▇▇ e during the Term hereof, but not the obligation, to terminate this Lease Agreement upon 30 days' written notice to the Lessee if the Lessee fails to increase its Damage Limitation Amount set forth in Section 14.13(A) by a stated dollar amount as provided in subsection 14.

  • Correspondingly, the appearance of red color for LS2 (corresponding to Damage Limitation) and, especially for LS3 (corresponding to Near Collapse) for one of the stories of the building under consideration shows that the building is not safe at the given level of hazard and, therefore, protection measures should be taken for retrofitting/strengthening of the structural system.

Related to Damage Limitation

  • Loss or Damage means any loss or damage to the Vehicle, including that caused by theft of the Vehicle or by adverse weather events, that requires repair or replacement including the loss of use of the Vehicle (demurrage), legal expenses, assessment fees, towing and recovery costs, storage, service charges and any appraisal fees of the Vehicle;

  • Accidental Damage means physical damage, breakage or failure of Your Covered Equipment due to an unforeseen and unintentional event occurring either due to handling (e.g., dropping the Covered Equipment or through liquid contact) or due to an external event (e.g., extreme environmental or atmospheric conditions). The damage must affect the functionality of Your Covered Equipment, which includes cracks to the display screen that affect the visibility of the display.

  • Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:

  • Structural damage means a covered building, regardless of the date of its construction, has experienced the following.

  • Serious damage ’ means any specific defect defined in this section; or an equally objectionable variation of any one of these defects, any other defect, or any combination of defects which se- riously detracts from the appearance, or the edible or marketing quality of the fruit. The following specific defects shall be considered as serious damage: