Damaged Assets definition
Examples of Damaged Assets in a sentence
If Infinity or Salem, as the case may be (the "Repairing Party"), is unable to repair or replace the Damaged Assets by the date on which the Closing would otherwise occur under this Agreement, then the Repairing Party shall reimburse all reasonable costs incurred by the Acquiring Party in repairing or replacing the Damaged Assets after the Closing.
Until the Effective Time, Sellers will bear all risk of loss with respect to the Damaged Assets.
In the event that any of the Transferred Assets have been damaged and not repaired prior to the Closing Date by a casualty covered by insurance (“Damaged Assets”), Seller shall use reasonable best efforts to collect any amounts due in respect of such Damaged Assets under its insurance policies (if any) and promptly remit any such collected amounts to Purchaser at or following the Closing.
If Seller is unable to repair or replace a Damaged Asset by the Effective Time, Seller shall reimburse Buyer for all reasonable out-of-pocket costs incurred by Buyer in repairing or replacing the Damaged Assets or assign to Buyer the applicable portion of any insurance proceeds not previously expended by Seller or a High Plains Entity to repair or replace the damaged or destroyed property after the Effective Time.
If Seller is unable to repair or replace a Damaged Asset by the LMA Commencement Date or the Closing Date, as applicable, Seller shall reimburse Buyer for all reasonable out-of-pocket costs incurred by Buyer in repairing or replacing the Damaged Assets or assign to Buyer the applicable portion of any insurance proceeds not previously expended by Seller to repair or replace the damaged or destroyed property, after the LMA Commencement Date or the Closing Date, as the case may be.
If the aggregate amount of the repair or replacement cost of the Damaged Assets exceeds the Damaged Asset Cap, the ▇▇▇▇▇▇ Entities may elect not to repair or replace the Damaged Assets and shall promptly notify Buyer of such election.
If there is any loss, damage, impairment, confiscation, or condemnation of or to any of such assets, AMFM or Bison, as the case may be, shall repair, replace or restore such assets (the "Damaged Assets") to their prior condition as represented in this Agreement as soon thereafter as possible; provided, however, that no party shall have any obligation to repair or replace any immaterial or obsolete asset no longer necessary or useful for the continued operation of a Station consistent with past practice.
If AMFM or Bison, as the case may be (the "Repairing Party"), is unable to repair or replace the Damaged Assets by the date on which the Closing would otherwise occur under this Agreement, then the Repairing Party shall reimburse all reasonable costs incurred by the Acquiring Party in repairing or replacing the Damaged Assets after the Closing.
Notwithstanding the foregoing, if the cost to replace such Damaged Assets with substantially similar assets is greater than two hundred fifty-thousand dollars ($250,000), then either Party shall have the option to terminate this Agreement.
In the event that any of the USCC Assets have been damaged prior to the Closing Date by a casualty covered by insurance ("Damaged Assets"), USCC shall (prior to and following Closing) use Commercially Reasonable Efforts to collect amounts due (if any) in respect of such Damaged Assets under applicable insurance policies, which amounts, (i) if collected prior to Closing, will be used to repair or replace the Damaged Assets and (ii) if collected following Closing, will be remitted to AWS.