Common use of DAMAGE, DESTRUCTION OR LOSS Clause in Contracts

DAMAGE, DESTRUCTION OR LOSS. 11.1 Upon delivery of the Equipment to Lessee until the Equipment is redelivered to Lessor, Lessee shall bear the entire risk of loss, damage, or destruction with respect to the Equipment resulting from any cause whatsoever. 11.2 If any Unit becomes damaged, partially damaged or damaged beyond repair, lost, stolen, destroyed or permanently rendered unfit, or in the event of any condemnation or requisition of title or use of any Unit by any governmental authority (any such occurrence being hereinafter referred to as an “Event of Loss”), then Lessee shall promptly notify Lessor and shall do either of the following within thirty (30) days after the occurrence of an Event of Loss: (a) At its expense, promptly repair the affected Unit to its original capacity and condition or replace the affected Unit with a newer unit of identical make, model, configuration, capacity and condition, in good repair, free and clear of all Liens, in which case any such replacement unit shall become the property of Lessor and for all purposes of this Master Lease shall be deemed to be the Unit which it replaced; or (b) Terminate the Schedule with respect to the affected Unit and pay to Lessor on the next payment date, an amount equal to (i) if specified in the Schedule, the Casualty Value set forth therein or (ii) if not specified in the Schedule, an amount equal to the sum as calculated in Section 10(d) as of the date of the Event of Loss.

DAMAGE, DESTRUCTION OR LOSS. 11.1 Upon delivery of the Equipment to Lessee or a Permitted Sublessee until the Equipment is redelivered to Lessor, Lessee shall bear the entire risk of loss, damage, or destruction with respect to the Equipment resulting from any cause whatsoever. 11.2 If any Unit becomes damaged, partially damaged or damaged beyond repair, lost, stolen, destroyed or permanently rendered unfit, or in the event of any condemnation or requisition of title or use of any Unit by any governmental authority (any such occurrence being hereinafter referred to as an “Event of Loss”), then Lessee shall promptly notify Lessor with a loss certificate and shall do either of the following within thirty (30) days after the Lessee has actual knowledge of the occurrence of an Event of Loss: (a) At its expenseIn Lessor’s sole discretion, it shall direct Lessee at Lessee’s own expense to either (i) promptly repair the affected Unit to its original capacity and condition or (ii) replace the affected Unit with a newer unit of identical make, model, configuration, capacity and condition, in good repair, free and clear of all Liens, Liens in which case any such replacement unit shall become the property of Lessor and for all purposes of this Master Lease shall be deemed to be the Unit which it replaced; or (b) Terminate the Schedule with respect to the affected Unit and pay to Lessor on the next payment date, an amount equal to (i) if specified in the Schedule, the Casualty Value as set forth therein or (ii) if not specified in the Schedule, an amount equal to the sum as calculated in Section 10(d10(c); or (c) as Cause any Permitted Sublessee of the date of the Event of Lossany such Unit to replace or repair such Unit in compliance with its obligations under its Permitted Sublease.

DAMAGE, DESTRUCTION OR LOSS. 11.1 Upon delivery of the Equipment to Lessee and until the Equipment is redelivered to Lessor, Lessee shall bear the entire risk of loss, damage, or destruction with respect to the Equipment resulting from any cause whatsoever. 11.2 If any Unit becomes damaged, partially damaged or damaged beyond repair, lost, stolen, destroyed or permanently rendered unfit, or in the event of any condemnation or requisition of title or use of any Unit by any governmental authority (any such occurrence being hereinafter referred to as an “Event of Loss”), then Lessee shall promptly notify Lessor within 24 hours of such Event of Loss and shall do either of the following notify Lessor within thirty fifteen (3015) days after the occurrence of an Event of Loss:Loss that it chooses to either; (a) At its expense, promptly repair the affected Unit to its original capacity and condition or replace the affected Unit with a newer unit of identical make, model, configuration, capacity and condition, in good repair, free and clear of all Liens, in which case any such replacement unit shall become the property of Lessor and for all purposes of this Master Lease shall be deemed to be the Unit which it replaced; or or (b) Terminate the Schedule with respect to the affected Unit and pay to Lessor on the next payment date, an amount equal to (i) if specified in the Schedule, the Casualty Value set forth therein or (ii) if not specified in the ScheduleLessor, an amount equal to the sum as calculated in Section 10(d10(e) as of the date of the Event of Loss. Payments of Rent and other amounts due Lessor hereunder shall not be abated on account of any such Event of Loss and Lessee shall diligently pursue the replacement of or payment for the affected Unit(s), which in any event shall be completed within 60 days of the Event of Loss.