Common use of Casualty Occurrence Clause in Contracts

Casualty Occurrence. If an Item of Equipment is damaged to such an extent that the Lessee believes a Casualty has occurred, the Lessee shall forthwith (and in any event within 10 days after such occurrence) give the Lessor Trustee and the Agent written notice of such Casualty, the Agent in its sole discretion shall determine whether the damage to the Item of Equipment constitutes a Casualty, and within 20 days after the Casualty occurred the Lessee shall give the Lessor Trustee and the Agent written notice of its election, subject to the terms hereof, to perform one of the following options (and if the Lessee fails to timely notify the Lessor Trustee and the Agent of its election, the Lessee shall be deemed to have elected to perform the option set forth in the following clause (a)), provided that the Lessee shall not have the right to select the option set forth in clause (b) if a Default or Event of Default has occurred and is continuing when the Casualty occurs, or when the Lessee gives notice of its election, or when the Lessee is to convey the Replacement Equipment to the Lessor Trustee: (a) Except as otherwise provided in the immediately succeeding sentence, on the next Scheduled Payment Date which is at least 30 days after the occurrence of such Casualty (the "Loss Payment Date"), during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall pay to the Lessor Trustee in immediately available funds an amount equal to the Stipulated Loss Value of such Item of Equipment as of such Loss Payment Date together with any Rent due and payable on or prior to the Loss Payment Date with respect to such Item of Equipment. (b) Within 30 days after the Casualty occurs, during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall convey or cause to be conveyed to the Lessor Trustee in accordance with Section 14.2 hereof, to be leased by the Lessor Trustee to the Lessee hereunder in replacement of such Item of Equipment, title to Replacement Equipment, which must be free and clear of all Liens other than Permitted Liens and (as determined by the Agent in its sole discretion) must have a value, utility and remaining economic useful life at least equal to, and be in as good operating condition as, the replaced Item of Equipment (assuming it was of the value, remaining economic useful life and utility and in the condition and repair required by the terms of this Lease and had suffered no Casualty). The Lessee shall pay on the next Scheduled Payment Date an amount computed in the manner specified in clause (a) of this Section 14.1 if no such replacement occurs by the end of the 30-day period. The Lessee's obligation to pay Rent due and payable on or prior to a Loss Payment Date shall continue as to any Item of Equipment that has suffered a Casualty. In the event of a payment in full of the Stipulated Loss Value for an Item of Equipment and other Rent payable on or prior to the Loss Payment Date all as provided for in the clause (a) of this Section, (x) this Lease with respect to such Item of Equipment and the obligations of the Lessee with respect to such Item of Equipment to pay Periodic Rent and Supplemental Rent (except for Supplemental Rent obligations surviving pursuant to Section 6 of the Participation Agreement or which have otherwise accrued but not been paid as of the date of such payment) shall terminate; (y) if no Event of Default has occurred and is continuing, any insurance proceeds remaining in the Lessor Trustee's possession (other than proceeds of policies maintained by the Lessor Trustee for its own account), including any investment interest thereon, shall be promptly paid over to the Lessee; and (z) the Lessor Trustee shall convey to the Lessee, at the Lessee's cost and expense, all of the Lessor Trustee's right, title and interest, AS-IS, WHERE-IS, without recourse or warranty, express or implied except for a warranty against the Lessor's Liens in and to such Item of Equipment, including all claims for damage to such Item of Equipment against third persons arising from the subject Casualty (unless any insurance carrier requires that such claims be assigned to it).

Casualty Occurrence. If a) For purposes of this Lease, a "Casualty Occurrence" shall mean any Item of Equipment destroyed, irreparably damaged, lost, stolen, unaccounted for, or taken or requisitioned by condemnation or otherwise during the term of this Lease. b) In the event that any Item of Equipment shall suffer a Casualty Occurrence, Lessee shall promptly and fully inform Lessor with respect thereto. Lessee shall pay to Lessor, on the first day of the month following the giving of such notice, an amount ("Casualty Loss Value") equal to the sum of: (i) the amount which will cause the Lessor to realize the same rate of return up to the date of the Casualty Occurrence that the Lessor would have realized had the Lease of the Equipment been in effect for the entire Lease Term; and (ii) all installments of rental then due with respect to that Item of Equipment. The total rental described in the Schedule A which contained an Item of Equipment is damaged to such an extent that the Lessee believes for which a Casualty has occurredLoss Value was paid, shall be reduced by a percentage derived by dividing the Lessee shall forthwith (and in any event within 10 days after such occurrence) give the Lessor Trustee and the Agent written notice Cost of such Casualty, the Agent in its sole discretion shall determine whether the damage to the Item of Equipment constitutes a Casualty, and within 20 days after experiencing the Casualty occurred Occurrence by the Lessee Total Equipment Cost described in such Schedule A. Lessor shall give the Lessor Trustee be entitled to receive and the Agent written notice retain any proceeds from any insurance with respect to such Item of its election, subject Equipment up to the terms hereof, to perform one amount of the following options (and if the Lessee fails to timely notify the Lessor Trustee and the Agent of its election, the Lessee shall be deemed to have elected to perform the option set forth in the following clause (a)), provided that the Lessee shall not have the right to select the option set forth in clause (b) if a Default or Casualty Loss Value. Provided an Event of Default has not occurred and is continuing when continuing, Lessor shall pay over such insurance proceeds to Lessee to the extent such amounts exceed the Casualty occurs, Loss Value or when the entire insurance proceeds received if Lessee gives notice of its election, or when the Lessee is to convey the Replacement Equipment to has previously paid the Lessor Trustee: (a) Except as otherwise provided in the immediately succeeding sentence, on the next Scheduled Payment Date which is at least 30 days after the occurrence Casualty Loss Value. Upon Lessor's receipt of such Casualty (the "Loss Payment Date")payment, during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall pay be entitled to the whatever interest Lessor Trustee may have in immediately available funds an amount equal to the Stipulated Loss Value of such said Item of Equipment as of such Loss Payment Date together with any Rent due Equipment, in its then condition and payable on location, without warranties, express or prior to the Loss Payment Date implied, and this Lease shall terminate with respect to such Item of Equipment. (b) Within 30 days after the Casualty occurs, during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall convey or cause to be conveyed to the Lessor Trustee in accordance with Section 14.2 hereof, to be leased by the Lessor Trustee to the Lessee hereunder in replacement of such Item of Equipment, title to Replacement Equipment, which must be free and clear of all Liens other than Permitted Liens and (as determined by the Agent in its sole discretion) must have a value, utility and remaining economic useful life at least equal to, and be in as good operating condition as, the replaced Item of Equipment (assuming it was of the value, remaining economic useful life and utility and in the condition and repair required by the terms of this Lease and had suffered no Casualty). The Lessee shall pay on the next Scheduled Payment Date an amount computed in the manner specified in clause (a) of this Section 14.1 if no such replacement occurs by the end of the 30-day period. The Lessee's obligation to pay Rent due and payable on or prior to a Loss Payment Date shall continue as to any Item of Equipment that has suffered a Casualty. In the event of a payment in full of the Stipulated Loss Value for an Item of Equipment and other Rent payable on or prior to the Loss Payment Date all as provided for in the clause (a) of this Section, (x) this Lease with respect to such Item of Equipment and the obligations of the Lessee with respect to such Item of Equipment to pay Periodic Rent and Supplemental Rent (except for Supplemental Rent obligations surviving pursuant to Section 6 of the Participation Agreement or which have otherwise accrued but not been paid as of the date of such payment) shall terminate; (y) if no Event of Default has occurred and is continuing, any insurance proceeds remaining in the Lessor Trustee's possession (other than proceeds of policies maintained by the Lessor Trustee for its own account), including any investment interest thereon, shall be promptly paid over to the Lessee; and (z) the Lessor Trustee shall convey to the Lessee, at the Lessee's cost and expense, all of the Lessor Trustee's right, title and interest, AS-IS, WHERE-IS, without recourse or warranty, express or implied except for a warranty against the Lessor's Liens in and to such Item of Equipment, including all claims for damage to such Item of Equipment against third persons arising from the subject Casualty (unless any insurance carrier requires that such claims be assigned to it).

Casualty Occurrence. If an Item During the Term, Lessee hereby assumes all risk of Equipment loss, damage, theft, taking, destruction, confiscation, condemnation or requisition of, or to, each Unit, however caused or occasioned (each, a "Casualty"). Lessee shall promptly notify Lessor of any Casualty. In event that: a. Such Casualty results in a total loss or constructive total loss of any Unit, b. A Casualty arises from a theft, taking, confiscation, condemnation or requisition, or c. The damage cannot reasonably be expected to be repaired in sixty (60) days from the date of the Casualty [or if earlier, the end of the Term, in each case the "Outside Repair Date") (any event in clauses (a), (b) or (c), being a "Total Loss"], then Lessee shall on the first day of the month next succeeding the Outside Repair Date (or if earlier, the end of the term, in each case the "Settlement Date") pay a settlement value as specified in the Settlement. Value as specified in the Rider ("Settlement Value") for such Settlement Date, together with any other accrued but unpaid amounts due hereunder. Any Unit which is damaged seized and held by any governmental authority for more than thirty (30) days or which becomes the subject of a forfeiture proceeding initiated by any governmental authority shall be deemed a Total Loss for which Lessee shall pay the Settlement Value pursuant to this Section 11. Upon Lessor's receipt of the Settlement Value and all other amounts then due and payable under the Lease: a. The Rent for such Unit shall cease, and the Lease for such Unit shall terminate (other than provisions expressly stated to survive), and b. Unless prohibited by Applicable Law, Lessor shall convey to Lessee, the insurer, as applicable, or Lessee's designee, its title and interest to such Unit (taking into such Casualty) on an extent "as-is, where-is" basis without recourse or warranty [other than the absence of any Lessor Lien (defined below)]. Lessor has the right, but not the obligation, to replace any Unit which suffers a Total Loss, subject to Acceptance as set forth in Section 2. In the event that a Casualty shall occur that shall not constitute a Total Loss, then Lessee shall promptly repair the Lessee believes Unit to meet the requirements of Section 8 and so the Unit will be able to be returned in accordance with Section 9. If any Unit that has suffered a Casualty has occurrednot been so repaired by the Outside Repair Date, the Lessee shall forthwith (and in any event within 10 days after then such occurrence) give the Lessor Trustee and the Agent written notice of Unit on such Casualty, the Agent in its sole discretion shall determine whether the damage to the Item of Equipment constitutes a Casualty, and within 20 days after the Casualty occurred the Lessee shall give the Lessor Trustee and the Agent written notice of its election, subject to the terms hereof, to perform one of the following options (and if the Lessee fails to timely notify the Lessor Trustee and the Agent of its election, the Lessee Outside Repair Date shall be deemed to have elected to perform the option set forth in the following clause (a)), provided that the Lessee be a Total Loss and Settlement Value and all other amounts accrued but unpaid hereunder shall not have the right to select the option set forth in clause (b) if a Default or Event of Default has occurred and is continuing when the Casualty occurs, or when the Lessee gives notice of its election, or when the Lessee is to convey the Replacement Equipment to the Lessor Trustee: (a) Except as otherwise provided in the be immediately succeeding sentence, on the next Scheduled Payment Date which is at least 30 days after the occurrence of such Casualty (the "Loss Payment Date"), during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall pay to the Lessor Trustee in immediately available funds an amount equal to the Stipulated Loss Value of such Item of Equipment as of such Loss Payment Date together with any Rent due and payable on or prior to the Loss Payment Date with respect to such Item of Equipmentpayable. (b) Within 30 days after the Casualty occurs, during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall convey or cause to be conveyed to the Lessor Trustee in accordance with Section 14.2 hereof, to be leased by the Lessor Trustee to the Lessee hereunder in replacement of such Item of Equipment, title to Replacement Equipment, which must be free and clear of all Liens other than Permitted Liens and (as determined by the Agent in its sole discretion) must have a value, utility and remaining economic useful life at least equal to, and be in as good operating condition as, the replaced Item of Equipment (assuming it was of the value, remaining economic useful life and utility and in the condition and repair required by the terms of this Lease and had suffered no Casualty). The Lessee shall pay on the next Scheduled Payment Date an amount computed in the manner specified in clause (a) of this Section 14.1 if no such replacement occurs by the end of the 30-day period. The Lessee's obligation to pay Rent due and payable on or prior to a Loss Payment Date shall continue as to any Item of Equipment that has suffered a Casualty. In the event of a payment in full of the Stipulated Loss Value for an Item of Equipment and other Rent payable on or prior to the Loss Payment Date all as provided for in the clause (a) of this Section, (x) this Lease with respect to such Item of Equipment and the obligations of the Lessee with respect to such Item of Equipment to pay Periodic Rent and Supplemental Rent (except for Supplemental Rent obligations surviving pursuant to Section 6 of the Participation Agreement or which have otherwise accrued but not been paid as of the date of such payment) shall terminate; (y) if no Event of Default has occurred and is continuing, any insurance proceeds remaining in the Lessor Trustee's possession (other than proceeds of policies maintained by the Lessor Trustee for its own account), including any investment interest thereon, shall be promptly paid over to the Lessee; and (z) the Lessor Trustee shall convey to the Lessee, at the Lessee's cost and expense, all of the Lessor Trustee's right, title and interest, AS-IS, WHERE-IS, without recourse or warranty, express or implied except for a warranty against the Lessor's Liens in and to such Item of Equipment, including all claims for damage to such Item of Equipment against third persons arising from the subject Casualty (unless any insurance carrier requires that such claims be assigned to it).

Casualty Occurrence. If a) For purposes of this Lease, a “Casualty Occurrence” shall mean any Item of Equipment destroyed, irreparably damaged, lost, stolen, unaccounted for, or taken or requisitioned by condemnation or otherwise during the term of this Lease. b) In the event that any Item of Equipment shall suffer a Casualty Occurrence, Lessee shall promptly and fully inform Lessor with respect thereto. Lessee shall pay to Lessor, on the first day of the month following the giving of such notice, an amount (“Casualty Loss Value”) equal to the sum of: (i) the amount which will cause the Lessor to realize the same rate of return up to the date of the Casualty Occurrence that the Lessor would have realized had the Lease of the Equipment been in effect for the entire Lease Term; and (ii) all installments of rental then due with respect to that Item of Equipment. The total rental described in the Schedule A which contained an Item of Equipment is damaged to such an extent that the Lessee believes for which a Casualty has occurredLoss Value was paid, shall be reduced by a percentage derived by dividing the Lessee shall forthwith (and in any event within 10 days after such occurrence) give the Lessor Trustee and the Agent written notice Cost of such Casualty, the Agent in its sole discretion shall determine whether the damage to the Item of Equipment constitutes a Casualty, and within 20 days after experiencing the Casualty occurred Occurrence by the Lessee Total Equipment Cost described in such Schedule A. Lessor shall give the Lessor Trustee be entitled to receive and the Agent written notice retain any proceeds from any insurance with respect to such Item of its election, subject Equipment up to the terms hereof, to perform one amount of the following options (and if the Lessee fails to timely notify the Lessor Trustee and the Agent of its election, the Lessee shall be deemed to have elected to perform the option set forth in the following clause (a)), provided that the Lessee shall not have the right to select the option set forth in clause (b) if a Default or Casualty Loss Value. Provided an Event of Default has not occurred and is continuing when continuing, Lessor shall pay over such insurance proceeds to Lessee to the extent such amounts exceed the Casualty occurs, Loss Value or when the entire insurance proceeds received if Lessee gives notice of its election, or when the Lessee is to convey the Replacement Equipment to has previously paid the Lessor Trustee: (a) Except as otherwise provided in the immediately succeeding sentence, on the next Scheduled Payment Date which is at least 30 days after the occurrence Casualty Loss Value. Upon Lessor’s receipt of such Casualty (the "Loss Payment Date")payment, during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall pay be entitled to the whatever interest Lessor Trustee may have in immediately available funds an amount equal to the Stipulated Loss Value of such said Item of Equipment as of such Loss Payment Date together with any Rent due Equipment, in its then condition and payable on location, without warranties, express or prior to the Loss Payment Date implied, and this Lease shall terminate with respect to such Item of Equipment. (b) Within 30 days after the Casualty occurs, during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall convey or cause to be conveyed to the Lessor Trustee in accordance with Section 14.2 hereof, to be leased by the Lessor Trustee to the Lessee hereunder in replacement of such Item of Equipment, title to Replacement Equipment, which must be free and clear of all Liens other than Permitted Liens and (as determined by the Agent in its sole discretion) must have a value, utility and remaining economic useful life at least equal to, and be in as good operating condition as, the replaced Item of Equipment (assuming it was of the value, remaining economic useful life and utility and in the condition and repair required by the terms of this Lease and had suffered no Casualty). The Lessee shall pay on the next Scheduled Payment Date an amount computed in the manner specified in clause (a) of this Section 14.1 if no such replacement occurs by the end of the 30-day period. The Lessee's obligation to pay Rent due and payable on or prior to a Loss Payment Date shall continue as to any Item of Equipment that has suffered a Casualty. In the event of a payment in full of the Stipulated Loss Value for an Item of Equipment and other Rent payable on or prior to the Loss Payment Date all as provided for in the clause (a) of this Section, (x) this Lease with respect to such Item of Equipment and the obligations of the Lessee with respect to such Item of Equipment to pay Periodic Rent and Supplemental Rent (except for Supplemental Rent obligations surviving pursuant to Section 6 of the Participation Agreement or which have otherwise accrued but not been paid as of the date of such payment) shall terminate; (y) if no Event of Default has occurred and is continuing, any insurance proceeds remaining in the Lessor Trustee's possession (other than proceeds of policies maintained by the Lessor Trustee for its own account), including any investment interest thereon, shall be promptly paid over to the Lessee; and (z) the Lessor Trustee shall convey to the Lessee, at the Lessee's cost and expense, all of the Lessor Trustee's right, title and interest, AS-IS, WHERE-IS, without recourse or warranty, express or implied except for a warranty against the Lessor's Liens in and to such Item of Equipment, including all claims for damage to such Item of Equipment against third persons arising from the subject Casualty (unless any insurance carrier requires that such claims be assigned to it).

Casualty Occurrence. If an Item of Equipment is damaged to such an extent that the Lessee believes a Casualty has occurred, the Lessee shall forthwith promptly notify Lessor in writing if the Equipment (i) suffers damage or destruction resulting in an insurance settlement on the basis of actual, constructive or compromised total loss; (ii) suffers destruction or damage beyond repair; or (iii) becomes lost, stolen, destroyed or suffers damage, which in the reasonable determination of Lessor, makes repair uneconomic or renders the Equipment permanently unfit for use from any cause whatsoever (including an Adverse Environmental Condition) (such occurrences being hereinafter called “Casualty Occurrences”). The parties hereby acknowledge and in any event within 10 days after such occurrence) give agree that all of the Lessor Trustee Equipment shall be under Lessee’s care and the Agent written notice of such Casualty, the Agent in its sole discretion shall determine whether the damage to the Item of Equipment constitutes a Casualtyattention at all times, and within 20 days after the Casualty occurred the that Lessee shall give maintain and use the Lessor Trustee and the Agent written notice of its election, subject to Equipment in accordance with the terms hereofof this Agreement, to perform one of the following options (and if the Lessee fails to timely notify the Lessor Trustee and the Agent of its electiontherefore, the Lessee shall be deemed to have elected to perform responsible for any Casualty Occurrence. Unless otherwise expressly provided for in Section 10(g) hereof, if any of the option events set forth in the following proviso to clause (a)), provided that the Lessee shall not ii) of Section 10(g) have the right to select the option set forth in clause (b) if a Default or Event of Default has occurred and is continuing when the Casualty occurs, or when the Lessee gives notice of its election, or when the Lessee is to convey the Replacement Equipment to the Lessor Trustee: (a) Except as otherwise provided in the immediately succeeding sentenceoccurred, on the date set forth on Annex C to the Schedule during the first month next Scheduled Payment Date which succeeding a Casualty Occurrence, or if such date is at least 30 days after not a Business Day, then on the occurrence of such Casualty next day that is a Business Day (the "Loss “Payment Date"”), during which time the Lessee's obligation to pay Rent shall continue, the Lessee shall pay to Lessor the Lessor Trustee in immediately available funds an amount equal to sum of (x) the Stipulated Loss Value of all Equipment calculated in accordance with Annex C of the Schedule; and (y) all Rent (including Basic Term Rent scheduled to be paid on such Item of Payment Date) and other amounts which are due hereunder with respect to the Equipment as of the Payment Date; provided that Lessee shall not be required to make any payment in respect of a Casualty Occurrence if (A) the Equipment affected by such Loss Payment Date together with any Rent due and payable on or prior Casualty Occurrence is not necessary to enable the Loss Payment Equipment to continue to be capable of operating at the capacity levels at which the Equipment was capable of operating as of the Basic Term Commencement Date with respect to the Equipment covered by the Schedule (reasonable wear and tear excepted) and (B) the failure to repair or replace such Item Equipment does not diminish the value, utility or remaining useful life of Equipment. (b) Within 30 days after the Equipment which remains subject to this Agreement from the value, utility and remaining useful life of all Equipment subject to this Agreement immediately prior to such Casualty occursOccurrence. Upon payment of all sums due hereunder, during which time the Lessee's obligation of Lessee to pay Rent shall continue, and the Lessee shall convey or cause to be conveyed Term of this Agreement as to the Equipment shall terminate, and (except in the case of the loss, theft or complete destruction of the Equipment ) Lessee may elect (by giving Lessor Trustee in accordance with Section 14.2 hereof, written notice) to be leased by the receive from Lessor Trustee title to the Lessee hereunder in replacement of such Item of Equipment, title to Replacement Equipmenton an AS IS, which must be WHERE IS BASIS, free and clear of all Liens other than Permitted Liens and (as determined by Lessor’s Liens; provided that if Lessee elects to take title to the Agent in its sole discretion) must have a value, utility and remaining economic useful life at least equal to, and be in as good operating condition as, the replaced Item of Equipment (assuming it was in-place and in-use) and the Fair Market Value of the value, remaining economic useful life and utility and in Equipment is greater than the condition and repair required by the terms of this Lease and had suffered no Casualty). The Lessee shall pay on the next Scheduled Payment Date an amount computed in the manner specified in clause (a) of this Section 14.1 if no such replacement occurs by the end of the 30-day period. The Lessee's obligation to pay Rent due and payable on or prior to a Loss Payment Date shall continue as to any Item of Equipment that has suffered a Casualty. In the event of a payment in full of the applicable Stipulated Loss Value, then Lessee will pay Lessor as additional purchase price the amount by which such Fair Market Value for an Item of Equipment and other Rent payable on or prior to the exceeds such Stipulated Loss Payment Date all as provided for in the clause (a) of this Section, (x) this Lease with respect to such Item of Equipment and the obligations of the Lessee with respect to such Item of Equipment to pay Periodic Rent and Supplemental Rent (except for Supplemental Rent obligations surviving pursuant to Section 6 of the Participation Agreement or which have otherwise accrued but not been paid as of the date of such payment) Value. Lessor shall terminate; (y) if no Event of Default has occurred and is continuing, apply any insurance proceeds remaining in the Lessor Trustee's possession (other than proceeds of received pursuant to any insurance policies maintained by the Lessor Trustee for its own account)Lessee to the payment of Lessee’s obligations under this Section 8, including any investment interest thereon, and Lessee shall be promptly paid over entitled to the Lessee; and (z) the Lessor Trustee shall convey to the Lessee, at the Lessee's cost and expense, all receive any such insurance proceeds in excess of the proceeds necessary to pay Lessor Trustee's right, title and interest, AS-IS, WHERE-IS, without recourse or warranty, express or implied except for a warranty against the Lessor's Liens in and to such Item of Equipment, including all claims for damage to such Item of Equipment against third persons arising from the subject Casualty (unless any insurance carrier requires that such claims be assigned to it).amounts due under this