Common use of DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS Clause in Contracts

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment and of any accident involving any Equipment. If all or any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("Damaged Equipment"), Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's sole cost and expense with equipment having substantially similar specifications and of equal or greater value to the Damaged Equipment immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's approval, whereupon such replacement equipment shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged Equipment. Borrower shall notify Lender of which course of action it will take within fifteen (15) calendar days after the loss occurrence. If within forty-five (45) calendar days of the loss occurrence, (a) Borrower fails to notify Lender, (b) Borrower and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment and add the replacement equipment or (c) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment shall be made available by Lender to be applied to discharge Borrower's obligation under this Article. The payment of the Prepayment Amount and the termination of Lender's interest in the Damaged Equipment is subject to the terms of Section 2.07 hereof For purposes of this Article, the term "

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment and of any accident involving any Equipment. If all or any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("Damaged Equipment"), Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's sole cost and expense with equipment having substantially similar specifications and of equal or greater value to the Damaged Equipment immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's approval, whereupon such replacement equipment shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged Equipment. Borrower shall notify Lender of which course of action it will take within fifteen (15) calendar days after the loss occurrence. If If, within forty-five (45) calendar days of the loss occurrence, (a) Borrower fails to notify Lender, ; (b) Borrower and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment and add the replacement equipment or (c) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment that is not repaired or replaced shall be made available by Lender to be applied to discharge Borrower's obligation under this Article. The payment of the Prepayment Amount and the termination of Lender's interest in the Damaged Equipment is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment and of any accident involving any Equipment. If all or any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("Damaged Equipment"), Borrower shall as soon as practicable after such event either: either (a) replace the same at Borrower's sole cost and expense with equipment having substantially similar specifications and of equal or greater value to the Damaged Equipment immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's approval, whereupon such replacement equipment shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged Equipment. Borrower shall notify Lender of which course of action it will take within fifteen (15) calendar days after the loss occurrence. If If, within forty-forty- five (45) calendar days of the loss occurrence, (a) Borrower fails to notify Lender, (b) Borrower and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment and add the replacement equipment or or, (c) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is shall be required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment shall be made available by Lender to be applied to discharge Borrower's obligation under this Article. The payment of the Prepayment Amount and the termination of Lender's interest in the Damaged Equipment is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "Net Proceeds shall mean the amount remaining from the gross proceeds of any insurance claim or condemnation award after deducting all expenses (including reasonable attorney's fees) incurred in the collection of such claim or award.

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment and of any accident involving any Equipment. If all or any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("“Damaged Equipment"”), Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's ’s sole cost and expense with equipment having substantially similar specifications and of equal or greater value to the Damaged Equipment immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's ’s approval, whereupon such replacement equipment shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged Equipment. Borrower shall notify Lender of which course of action it will take within fifteen (15) 15 calendar days after the loss occurrence. If If, within forty-five (45) 45 calendar days of the loss occurrence, (a) Borrower fails to notify Lender, ; (b) Borrower and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment and add the replacement equipment or (c) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment shall be made available by Lender to be applied to discharge Borrower's ’s obligation under this Article. The payment of the Prepayment Amount and the termination of Lender's ’s interest in the Damaged Equipment is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "“

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment Collateral and of any accident involving any EquipmentCollateral. If all or With respect to any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("Damaged Equipment")Collateral, Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's ’s sole cost and expense with equipment collateral having substantially similar specifications and of equal or greater value to the Damaged Equipment Collateral immediately prior to the time of the loss occurrence, such replacement equipment collateral to be subject to Lender's ’s approval, whereupon such replacement equipment collateral shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged EquipmentCollateral Amount. Borrower shall notify Lender of which course of action it will take within fifteen (15) 15 calendar days after the loss occurrence. If If, within forty-five (45) 45 calendar days of the loss occurrence, (a) Borrower fails to notify Lender, ; (b) Borrower and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment Collateral and add the replacement equipment collateral or (c) Borrower fails to pay the applicable Prepayment Damaged Collateral Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Damaged Collateral Amount to be immediately due and payable, and Borrower is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment Collateral shall be made available by Lender to be applied to discharge Borrower's ’s obligation under this Article. The payment of the Prepayment Damaged Collateral Amount and the termination of Lender's ’s interest in the Damaged Equipment Collateral is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "“

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment and of any accident involving any Equipment. If all or any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("Damaged Equipment"), Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's sole cost and expense with equipment having substantially similar specifications and of equal or greater value to the Damaged Equipment immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's approval, whereupon such replacement equipment shall be substituted in this Loan Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged Equipment. Borrower shall notify Lender of which course of action it will take within fifteen (15) calendar days after the loss occurrence. If If, within forty-five (45) calendar days of the loss occurrence, (ai) Borrower fails to notify Lender, ; (bii) Borrower and Lender fail to execute an amendment to this Loan Agreement to delete the Damaged Equipment and add the replacement equipment or (ciii) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is will be required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment shall be made available by Lender to be applied to discharge Borrower's obligation under this Article, and after being so applied any excess shall be paid directly to Borrower. The payment of the Prepayment Amount and the termination of Lender's interest in the Damaged Equipment is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender and Issuer immediately upon any loss, theft, damage or destruction of any portion of the Equipment or Additional Collateral and of any accident involving any Equipmentportion of the Equipment or Additional Collateral. If all or any part of the Equipment Project or Additional Collateral is lost, stolen, destroyed or damaged beyond repair ("Damaged EquipmentProperty"), Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's sole cost and expense with equipment property having substantially similar specifications and of equal or greater value economic value, utility and useful life to the Damaged Equipment Property immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's approval, whereupon such replacement equipment shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged EquipmentProperty. Borrower shall notify Lender and Issuer of which course of action it will take within fifteen (15) calendar days after the loss occurrence. If If, within forty-five (45) calendar days of the loss occurrence, (a) Borrower fails to notify Lender, Lender and Issuer; (b) Borrower Borrower, Issuer and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment Property and add the replacement equipment property or (c) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment Property shall be made available by Lender to be applied to discharge Borrower's obligation under this Article. The payment of the Prepayment Amount and the termination of Lender's interest in the Damaged Equipment Property is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower shall provide a complete written report to Lender immediately upon any loss, theft, damage or destruction of any Equipment and of any accident involving any Equipment. If all or any part of the Equipment is lost, stolen, destroyed or damaged beyond repair ("Damaged Equipment"), Borrower shall as soon as practicable after such event either: (a) replace the same at Borrower's sole cost and expense with equipment having substantially similar specifications and of equal or greater value to the Damaged Equipment immediately prior to the time of the loss occurrence, such replacement equipment to be subject to Lender's approval, whereupon such replacement equipment shall be substituted in this Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged Equipment. Borrower shall notify Lender of which course of action it will take within fifteen (15) calendar days after the loss occurrence. If If, within forty-five (45) calendar days of the loss occurrence, (a) Borrower fails to notify Lender, ; (b) Borrower and Lender fail to execute an amendment to this Agreement to delete the Damaged Equipment and add the replacement equipment or (c) Borrower fails to pay the applicable Prepayment Amount, then Lender may, at its sole discretion, declare the applicable Prepayment Amount to be immediately due and payable, and Borrower is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment shall be made available by Lender to be applied to discharge Borrower's obligation under this Article. The payment of the Prepayment Amount and the termination of Lender's interest in the Damaged Equipment is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "

DAMAGE AND DESTRUCTION; USE OF NET PROCEEDS. Borrower Lessee shall provide a complete written report to Lender Bondholder immediately upon any loss, theft, damage or destruction of any Equipment Collateral and of any accident involving any EquipmentCollateral. If all or With respect to any part of the Equipment is lostDamaged Collateral, stolen, destroyed or damaged beyond repair ("Damaged Equipment"), Borrower Lessee shall as soon as practicable after such event either: (a) replace the same at Borrower's Lessee’s sole cost and expense with equipment collateral having substantially similar specifications and of equal or greater value to the Damaged Equipment Collateral immediately prior to the time of the loss occurrence, such replacement equipment collateral to be subject to Lender's Bondholder’s approval, whereupon such replacement equipment collateral shall be substituted in this Lease Agreement and the other related documents by appropriate endorsement or amendment; or (b) pay the applicable Prepayment Amount of the Damaged EquipmentCollateral Amount. Borrower Lessee shall notify Lender Bondholder of which course of action it will take within fifteen (15) 15 calendar days after the loss occurrence. If If, within forty-five (45) 45 calendar days of the loss occurrence, (a) Borrower Lessee fails to notify Lender, Bondholder; (b) Borrower Lessee and Lender Bondholder fail to execute an amendment to this Lease Agreement to delete the Damaged Equipment Collateral and add the replacement equipment collateral or (c) Borrower Lessee fails to pay the applicable Prepayment Damaged Collateral Amount, then Lender Bondholder may, at its sole discretion, declare the applicable Prepayment Damaged Collateral Amount to be immediately due and payable, and Borrower Lessee is required to pay the same. The Net Proceeds of insurance with respect to the Damaged Equipment Collateral shall be made available by Lender Bondholder to be applied to discharge Borrower's Lessee’s obligation under this Article. The payment of the Prepayment Damaged Collateral Amount and the termination of Lender's Bondholder’s interest in the Damaged Equipment Collateral is subject to the terms of Section 2.07 hereof hereof. For purposes of this Article, the term "“