Common use of Damage/Event of Loss Clause in Contracts

Damage/Event of Loss. (i) In the event any item of Equipment is damaged to a material extent by any occurrence whatsoever, Lessee shall promptly notify Lessor and shall determine within 15 days of the date of such notice whether such item of Equipment can be repaired. If such Equipment can be repaired, Lessee shall at its cost and expense repair such Equipment to its original condition. (ii) In the event any item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or rendered permanently unfit or unavailable for use (through a governmental taking or any other event), for any reason whatsoever (any such occurrence being referred to as an "Event of Loss"), Lessee shall promptly notify Lessor and pay to Lessor, on the first day of the month immediately following such Event of Loss, an amount equal to the Casualty Value applicable to such item of Equipment calculated as of the immediately preceding Basic Rent Date plus any unpaid Rent and the installment of Basic Rent for such item of Equipment due on the Basic Rent Date following the Event of Loss. After the payment of such amounts, Lessee's obligation to pay further Basic Rent for such item of Equipment shall cease, but Lessee's obligation to pay Supplemental Rent, if any, for such item of Equipment, and to pay Rent for all other items of Equipment shall remain unchanged. (iii) Following payment of the Casualty Value and Rent for an item of Equipment in accordance with the provisions of paragraph (ii) of this Section 3.4(b), Lessor shall transfer title to such item of Equipment to Lessee on an AS IS, WHERE IS basis without representation or warranty.

Damage/Event of Loss. (i1) In the event any item of Equipment is damaged to a material extent by any occurrence whatsoever, Lessee shall promptly notify Lessor and shall determine within 15 days of the date of such notice whether such item of Equipment can be repaired. If such Equipment can be repaired, Lessee shall at its cost and expense repair such Equipment to its original condition. (ii2) In the event any item of Equipment shall be lost, stolen, destroyed, damaged beyond repair repair, or rendered permanently unfit or unavailable for use (through a governmental taking or any other event), for any reason whatsoever (any such occurrence being referred to as an "Event of Loss"), Lessee shall promptly notify Lessor and pay to Lessor, on the first day of the month immediately following such Event of Loss, an amount equal to the Casualty Value applicable to such item of Equipment calculated as of the immediately preceding Basic Rent Due Date plus any unpaid Rent and the installment of Basic Rent for such item of Equipment due on the Basic Rent Due Date following the Event of Loss. After the payment of such amounts, Lessee's obligation to pay further Basic Rent for such item of Equipment shall cease, but Lessee's obligation to pay Supplemental Interim Rent, if any, for such item of Equipment, and to pay Rent for all other items of Equipment shall remain unchanged. (iii3) Following payment of the Casualty Value and Rent for an item of Equipment in accordance with the provisions of paragraph (ii) sentence 2 of this Section 3.4(bVII(B), Lessor shall transfer title to such item of Equipment to Lessee on an AS IS, WHERE IS basis without representation or warranty.

Damage/Event of Loss. (i1) In the event any item of Equipment is damaged to -------------------- a material extent by any occurrence whatsoever, Lessee shall promptly notify Lessor and shall determine within 15 days of the date of such notice whether such item of Equipment can be repaired. If such Equipment can be repaired, Lessee shall at its cost and expense repair such Equipment to its original condition. (ii2) In the event any item of Equipment shall be lost, stolen, destroyed, damaged beyond repair repair, or rendered permanently unfit or unavailable for use (through a governmental taking or any other event), for any reason whatsoever (any such occurrence being referred to as an "Event of Loss"), Lessee shall promptly notify Lessor and pay to Lessor, on the first day of the month immediately following such Event of Loss, an amount equal to the Casualty Value applicable to such item of Equipment calculated as of the immediately preceding Basic Rent Due Date plus any unpaid Rent and the installment of Basic Rent for such item of Equipment due on the Basic Rent Due Date following the Event of Loss. After the payment of such amounts, Lessee's obligation to pay further Basic Rent for such item of Equipment shall cease, but Lessee's obligation to pay Supplemental Interim Rent, if any, for such item of Equipment, and to pay Rent for all other items of Equipment shall remain unchanged. (iii3) Following payment of the Casualty Value and Rent for an item of Equipment in accordance with the provisions of paragraph (ii) sentence 2 of this Section 3.4(bVII(B), Lessor shall transfer title to such item of Equipment to Lessee on an AS IS, WHERE IS basis without representation or warranty.