Common use of CASUALTY OBLIGATION Clause in Contracts

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Date next succeeding the last day of the Related Month in which the Lessee obtains actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “Casualty Payment”) equal to the Net Book Value of such Vehicle, calculated as of the earlier of the last day of such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicable. Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor shall cause title to such Vehicle to be transferred to such Lessee to facilitate liquidation of such Vehicle by such Lessee, (ii) such Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Date next succeeding the last day of the Related Month in which the Lessee obtains actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “Casualty Payment”) equal to the Net Book Value of such Vehicle, calculated as of the earlier of the last day of such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicable. Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor shall cause title to such Vehicle to be transferred to such Lessee to facilitate liquidation of such Vehicle by such Lessee, (ii) such Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Date next succeeding the last day of the Related Month in which the Lessee obtains actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “"Casualty Payment”") equal to the Net Book Value of such Vehicle, calculated as of the earlier of the last day of such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicable. Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor shall cause title to such Vehicle to be transferred to such Lessee to facilitate liquidation of such Vehicle by such Lessee, (ii) such Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Date next succeeding the last day of the Related Month in which the Lessee obtains actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “"Casualty Payment”") equal to the Net Book Value of such Vehicle, calculated as of the earlier of the last day of such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicable. Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor shall cause title to such Vehicle to be transferred to such Lessee to facilitate liquidation of such Vehicle by such the Lessee, (ii) such the Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such the Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable ------------------- Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Payment Date next succeeding the last day of the Related Month in which the Lessee obtains obtained actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “"Casualty Payment”") equal to the Net Book Fair Market Value of ---------------- such Vehicle, calculated as of the earlier first day of the last day Related Month in which the Lessee obtained actual knowledge that such Vehicle became a Casualty (net of Monthly Base Rent paid in respect of such Vehicle during such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicableMonth). Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor Lessor, upon request of the Lessee, shall cause title to such Vehicle to be transferred to such the Lessee to facilitate liquidation of such Vehicle by such Lessee, the Lessee and (ii) such the Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such the Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Date next succeeding the last day of the Related Month in which the Lessee obtains actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “"Casualty Payment”") equal to the Net Book Value of such Vehicle, calculated as of the earlier of the last first day of such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicableMonth. Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor shall cause title to such Vehicle to be transferred to such the Lessee to facilitate liquidation of such Vehicle by such the Lessee, (ii) such the Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such the Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall be released thereby.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then ------------------- the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, occurrence and (b) in the case of an Acquired Vehicle, on the Due Payment Date next succeeding the last day of the Related Month in which a Responsible Officer of the Lessee obtains obtained actual knowledge that such Vehicle has become a Casualty, Casualty pay to the Lessor an amount (a “"Casualty Payment”") equal ---------------- to the Net Book Value of such Vehicle, calculated as of the earlier first day of the last day Related Month in which a Responsible Officer of the Lessee obtained actual knowledge that such Vehicle became a Casualty (net of Monthly Base Rent paid in respect of such Vehicle during such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicableMonth). Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor Lessor, upon request of the Lessee, shall cause title to such Vehicle Vehicle, free and clear of all Liens, to be transferred to such the Lessee to facilitate liquidation of such Vehicle by such the Lessee, (ii) such the Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such the Lessee carries such insurance coverage), ) and (iii) the Lien lease of the Master Collateral Agent on such Vehicle pursuant to this Agreement shall be released therebyterminate.

CASUALTY OBLIGATION. If a Vehicle becomes a Casualty, then the applicable Lessee shall (a) promptly notify the Lessor of such occurrence, and (b) in the case of an Acquired Vehicle, on the Due Payment Date next succeeding the last day of the Related Month in which the Lessee obtains obtained actual knowledge that such Vehicle has become a Casualty, pay to the Lessor an amount (a “"Casualty Payment”") equal to the Net Book Value of such Vehicle, calculated as of the earlier first day of the last day Related Month in which the Lessee obtained actual knowledge that such Vehicle became a Casualty (net of Monthly Base Rent and Monthly Supplemental Payments made in respect of such Vehicle during such Related Month and the date such vehicle is disposed of or becomes a Casualty, as applicableMonth). Upon payment by the applicable Lessee to the Lessor in accordance herewith of the Casualty Payment for any Acquired Vehicle that has become a Casualty, (i) the Lessor Lessor, upon request of the Lessee, shall cause title to such Vehicle to be transferred to such the Lessee to facilitate liquidation of such Vehicle by such the Lessee, (ii) such the Lessee shall be entitled to any physical damage insurance proceeds applicable to such Acquired Vehicle (if at such time such the Lessee carries such insurance coverage), and (iii) the Lien of the Master Collateral Agent on such Vehicle shall automatically be released thereby.