Material Damages definition

Material Damages means a monetary assessment that the Vendor shall pay CTS should they fail to complete Installation and handoff by the agreed upon date in Section 6.6.3.
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Material Damages means Damages material to the Company and its Subsidiaries taken as a whole or material in relation to the amount to be invested in the Company pursuant to this Agreement.
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Material Damages or "Material Loss" shall be damages or loss which an independent appraiser, selected by the Purchaser and approved by the Seller (which approval shall not be unreasonably delayed or withheld) determines will reduce the fair market value of the Property by TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($250,000.00) or more. In the event of Material Loss or Material Damage to the Property which occurs prior to or on the CONTRACT OF SALE - PAGE 30 4245 NORTH CENTRAL EXPRESSWAY Closing Date, by reason of condemnation or eminent domain proceedings (or deed in lieu thereof), or by fire or any other casualty, Purchaser may, at its option, elect to (i) terminate this Contract, whereupon the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser and the parties shall have no further obligations under this Contract except as otherwise specifically provided herein; or (ii) proceed to consummate the transaction and receive an assignment from Seller of all proceeds of insurance payable with respect to physical damage to the Property and/or condemnation awards. In the event Purchaser elects option (ii) above, Seller shall have no additional obligation even if such insurance proceeds or condemnation awards are insufficient to repair such damage. Any cost of collection of insurance proceeds shall be borne by the party ultimately receiving same. If such loss or damages resulting from condemnation, eminent domain, or similar proceedings (or deed in lieu thereof) or by fire or other casualty is not Material Loss or Material Damages, the Seller, at Closing, will assign to the Purchaser an amount equal to the insurance proceeds which have been received by the Seller as a result of such matter and will assign to the Purchaser, at Closing, any insurance proceeds related thereto which have not been received by the Seller. If the Purchaser proceeds to closing under this paragraph then the price will not be reduced.
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Examples of Material Damages in a sentence

  • Damages from one Party towards the other Party shall be limited to Direct Material Damages which have a causal link with the fault(s) and amounts determined in Article 10.2 of the present attachment.

  • In the event the total amount claimed by Network User and all other Network Users for this single event exceeds five hundred thousand Euros (EUR 500 000), this five hundred thousand Euros (EUR 500 000) shall be distributed between Network User and the other affected Network Users pro rata the amount of Direct Material Damages sustained by all affected Network Users.

  • Damages from one Party towards the other Party shall be limited to Direct Material Damages which have a causal link with the fault(s) and the damages determined in Article 5.2 of these General Conditions.

  • In the event the total amount claimed by Grid UserNetwork User and all other Grid UserNetwork Users for this single event exceeds five hundred thousand Euros (EUR 500 000), this five hundred thousand Euros (EUR 500 000) shall be distributed between Grid UserNetwork User and the other affected Grid UserNetwork Users pro rata the amount of Direct Material Damages sustained by all affected Grid UserNetwork Users.

  • Damages from one Party towards the other Party shall be limited to Direct Material Damages which have a causal link with the fault(s) and amounts determined in Article 10.3 of the present attachment.

  • Each party agrees to give the other prompt written notice of any event or assertion of which it has knowledge concerning any Material Damages to which it may request indemnification hereunder.

  • In case it has been contracted, this coverage shall operate when a Claim occurs for Total Loss due to Material Damages or Total Theft of the Insured Vehicle, pursuant to the definition set forth in Clause 1st Definitions of these general conditions, it is agreed to reimburse the Insured for the cost of renting a vehicle.

  • If contracted, this coverage shall operate in case of a Loss for Total Loss due to Material Damages or Total Theft of the Insured Vehicle pursuant to the definition set forth in Clause 1st Definitions of these general conditions, it being agreed to reimburse the Insured for the cost of plane tickets on a commercial airline at a tourist rate so that the Insured and the Occupants of the Insured Vehicle are transported to the intended destination or their primary address.

  • In case of Total Loss affecting Coverages for Material Damages, Total Loss due to Material Damages or Total Theft, MAPFRE may choose to indemnify or repair the affected property.

  • If such loss or damages resulting from condemnation, eminent domain, or similar proceedings (or deed in lieu thereof) or by fire or other casualty is not Material Loss or Material Damages, the Seller, at Closing, will assign to the Purchaser an amount equal to the insurance proceeds which have been received by the Seller as a result of such matter and will assign to the Purchaser, at Closing, any insurance proceeds related thereto which have not been received by the Seller.


More Definitions of Material Damages

Material Damages and “Materially Damaged” have the meanings specified in Section 5.11.
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Material Damages or "material harm" shall be the level of, and shall be measured as to, what could result in, or could reasonably be expected to result in, "material damages" or "material harm" to the business of the Company and its Subsidiaries, taken as a whole, and not the level or measure of what could result in, or could reasonably be expected to result in, "material damages" or "material harm" on Parent and its Subsidiaries, taken as a whole and (z) the result shall be with respect to Parent and its Subsidiaries), (ii) seeking to (A) prohibit or limit in any respect the ownership or operation by the Company or any of its Subsidiaries or by Parent or any of its Subsidiaries of any portion of any business or of any assets of the Company and its Subsidiaries or Parent and its Subsidiaries, (B) compel the Company or any of its Subsidiaries or Parent or any of its Subsidiaries to divest or hold separate any portion of any business or of any assets of the Company and its Subsidiaries or Parent and its Subsidiaries, as a result of the Merger or (C) impose any obligations on Parent or any of its Subsidiaries or the Company or any of its Subsidiaries to maintain facilities, operations, places of business, employment levels, products or businesses or other obligation relating to the operation of their respective businesses or (iii) seeking to obtain from the Company, Parent or Merger Sub any damages, payments, covenants or legally binding assurances, which suit, action or proceeding in the case of clauses (ii) and (iii) above would have, or would be reasonably likely to have, individually or in the aggregate, a Negative Regulatory Action.
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Related to Material Damages

  • Material Damage and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $500,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to repair.

  • Consequential Damages means Losses claimed to have resulted from any indirect, incidental, reliance, special, consequential, punitive, exemplary, multiple or any other Loss, including damages claimed to have resulted from harm to business, loss of anticipated revenues, savings, or profits, or other economic Loss claimed to have been suffered not measured by the prevailing Party’s actual damages, and any other damages typically considered consequential damages under Applicable Law, regardless of whether the Parties knew or had been advised of the possibility that such damages could result in connection with or arising from anything said, omitted, or done hereunder or related hereto, including willful acts or omissions.

  • Special Damages has the meaning set forth in Section 12.

  • Punitive Damages are those damages awarded as a penalty, the amount of which is neither governed nor fixed by statute.

  • Direct Damage has the meaning given in clause 24.2; "Dispute" has the meaning given in clause 23.1;