Common use of DISPOSITION OF EQUIPMENT Clause in Contracts

DISPOSITION OF EQUIPMENT. In the event, upon the occurrence of an Event of Default, Lessor repossesses any of the Equipment, Lessor may lease any or all of such Equipment, or sell any or all of such Equipment at one or more public or private sales, in such manner, at such times and upon such terms as Lessor may determine. In the event that Lessor leases any of such Units, any rentals received by Lessor for the "Remaining Lease Term" (the period ending on the date when the Original Term for such Unit would have expired if an Event of Default had not occurred), discounted to present value, at the Discount Rate, as of the Possession Date (the "Recovery Rentals"), for such Units shall be applied to the payment of (a) all costs and expenses (including, without limitation, reasonable attorneys' fees) incurred by Lessor in retaking possession of, and removing, storing, repairing, refurbishing and leasing, such Units, (b) accrued and unpaid rentals as of the date Lessor obtained possession of such Units or the date on which Lessee made an effective tender of possession of such Units to Lessor, whichever shall first occur (the "Possession Date"), (c) the present value of the rentals for such Units for the balance of the Original Term of the applicable Lease (the "Discounted Remaining Rentals") and any other sums payable thereunder or hereunder with respect to such Units, discounted at the Discount Rate as of the Possession Date, (d) any and all other sums (other than rentals) with respect to such Units then owing to Lessor by Lessee thereunder or hereunder, and (e) any loss or damage to the Lessor's residual interest in such Units caused by such Event of Default (the aggregate of such amounts being referred to as the "Release Recovery Amount"). In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a lease) any such Units, the proceeds thereof (the "Recovery Proceeds") shall be applied to the payment of the amounts referred to in clauses (a) through (d) above and the amount by which the Casualty Value for such Units, as of the Possession Date, exceeds the Discounted Remaining Rentals (the aggregate of such amounts being referred to as the "Sale Recovery Amount"). The balance, if any, of the Recovery Rentals, in the case of a release, and of the Recovery Proceeds, in the case of a sale or other disposition, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages with respect to such Units, and any remaining amounts shall be retained by Lessor. Lessee shall remain liable to Lessor, with respect to any Units which are released or sold or otherwise disposed of, to the extent that the Release Recovery Amount exceeds the Recovery Rentals or the Sale Recovery Amount exceeds the Recovery Proceeds. Lessor shall be entitled to, and Lessee shall have no claim with respect to, all rentals, with respect to any period commencing after the expiration of the applicable Remaining Lease Term, from released Units.

DISPOSITION OF EQUIPMENT. In the event, upon the occurrence of an Event of Default, event Lessor repossesses any of the Equipment, Lessor may (a) lease any or all of such the Equipment, or any portion thereof, in such a manner, for such time and upon such term(s) as Lessor may determine or (b) sell the Equipment, or any or all of such Equipment portion thereof, at one or more public or private sales, in such manner, and at such times and upon such terms as Lessor may determine. In the event that Lessor leases any of such Units, any rentals received by Lessor for the "Remaining Lease Term" Term(s) (the period ending on the date when the Original Term for such Unit the Unit(s) would have expired if an Event of Default had not occurred), discounted to present value, at the Discount Rate, as of the Possession Date (the "Recovery Rentals"), ) for such Units shall be applied to the payment of (ai) all costs and expenses (includingincluding attorneys' fees) incurred by Lessor in retaking possession of, without limitationand removing, storing, repairing, refurbishing and leasing such Units, and (ii) the rentals for the remainder of the Original Term and all other sums, including past due rentals, remaining unpaid under the Lease. The balance of such rentals, if any, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages, and any remaining amounts shall be retained by Lessor. All rentals received by Lessor for the period commencing after the expiration of the Remaining Lease Term(s) shall be retained by Lessor. Lessee shall remain liable to Lessor to the extent that the aggregate amount of the sums referred to in clauses (i) and (ii) above shall exceed the aggregate rentals received by Lessor under such leases for the respective Remaining Lease Term(s) applicable to the Units covered by such leases. In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a lease) any such Unit, the proceeds thereof shall be applied to the payment of (i) all costs and expenses (including reasonable attorneys' fees) incurred by Lessor in retaking possession of, and removing, storing, repairing, refurbishing and leasing, such Units, (b) accrued and unpaid rentals as of the date Lessor obtained possession selling or otherwise disposing of such Units or the date on which Lessee made an effective tender of possession of such Units to Lessor, whichever shall first occur (the "Possession Date"Unit(s), (cii) the present value rentals that either did or would have accrued under the Lease but are unpaid up to the time of the rentals for such Units for the balance of the Original Term of the applicable Lease (the "Discounted Remaining Rentals") and any sale or other sums payable thereunder or hereunder with respect to such Units, discounted at the Discount Rate as of the Possession Datedisposition, (diii) any and all other sums (other than rentals) with respect to such Units then owing to Lessor by Lessee thereunder or hereunderunder, and (eiv) any loss or damage to the Lessor's residual interest in such Units caused by such Event of Default (the aggregate Stipulated Loss Value of such amounts being referred to as the "Release Recovery Amount"). In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a leaseUnit(s) any such Units, the proceeds thereof (the "Recovery Proceeds") shall be applied to the payment of the amounts referred to in clauses (a) through (d) above and the amount by which the Casualty Value for such Units, determined as of the Possession Date, exceeds the Discounted Remaining Rentals (the aggregate date of such amounts being referred to as sales or other disposition in accordance with the "Sale Recovery Amount"schedule set forth in the Lease for such Unit(s). The balancebalance of such proceeds, if any, of the Recovery Rentals, in the case of a release, and of the Recovery Proceeds, in the case of a sale or other disposition, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages with respect to such Unitsdamages, and any remaining amounts shall be retained by Lessor. Lessee shall remain liable to Lessor, with respect to any Units which are released or sold or otherwise disposed of, Lessor to the extent that the Release Recovery Amount exceeds the Recovery Rentals or the Sale Recovery Amount exceeds the Recovery Proceeds. Lessor shall be entitled to, and Lessee shall have no claim with respect to, all rentals, with respect to any period commencing after the expiration aggregate amount of the applicable Remaining Lease Term, from released Unitssums referred to in clauses (i) through (iv) above shall exceed the aggregate proceeds received by Lessor in connection with the sale or disposition of the Equipment (other than pursuant to a lease).

DISPOSITION OF EQUIPMENT. In the event, upon the occurrence of an Event of Default, event Lessor repossesses any of the Equipment, Lessor may (a) lease any or all of such the Equipment, or any portion thereof, in such a manner, for such time and upon such term(s) as Lessor may determine or (b) sell the Equipment, or any or all of such Equipment portion thereof, at one or more public or private sales, in such manner, and at such times and upon such terms as Lessor may determine. In the event that Lessor leases any of such Units, any rentals received by Lessor for the "Remaining Lease Term" Term(s) (the period ending on the date when the Original Term for such Unit the Unit(s) would have expired if an Event of Default had not occurred), discounted to present value, at the Discount Rate, as of the Possession Date (the "Recovery Rentals"), ) for such Units shall be applied to the payment of (ai) all costs and expenses (includingincluding attorneys' fees) incurred by Lessor in retaking possession of, without limitationand removing, storing, repairing, refurbishing and leasing such Units, and (ii) the rentals for the remainder of the Original Term and all other sums, including past due rentals, remaining unpaid under the Lease. The balance of such rentals, if any, shall be applied first to reimburse Lessee for any amounts previously paid by Lessee as liquidated damages, and any remaining amounts shall be retained by Lessor. All rentals received by Lessor for the period commencing after the expiration of the Remaining Lease Term(s) shall be retained by Lessor. Lessee shall remain liable to Lessor to the extent that the aggregate amount of the sums referred to in clauses (i) and (ii) above shall exceed the aggregate rentals received by Lessor under such leases for the respective Remaining Lease Term(s) applicable to the Units covered by such leases. In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a lease) any such Unit, the proceeds thereof shall be applied to the payment of (i) all costs and expenses (including reasonable attorneys' fees) incurred by Lessor in retaking possession of, and removing, storing, repairing, refurbishing and leasing, such Units, (b) accrued and unpaid rentals as of the date Lessor obtained possession selling or otherwise disposing of such Units or the date on which Lessee made an effective tender of possession of such Units to Lessor, whichever shall first occur (the "Possession Date"Unit(s), (cii) the present value rentals that either did or would have accrued under the Lease but are unpaid up to the time of the rentals for such Units for the balance of the Original Term of the applicable Lease (the "Discounted Remaining Rentals") and any sale or other sums payable thereunder or hereunder with respect to such Units, discounted at the Discount Rate as of the Possession Datedisposition, (diii) any and all other sums (other than rentals) with respect to such Units then owing to Lessor by Lessee thereunder or hereunderunder, and (eiv) any loss or damage to the Lessor's residual interest in such Units caused by such Event of Default (the aggregate Stipulated Loss Value of such amounts being referred to as the "Release Recovery Amount"). In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a leaseUnit(s) any such Units, the proceeds thereof (the "Recovery Proceeds") shall be applied to the payment of the amounts referred to in clauses (a) through (d) above and the amount by which the Casualty Value for such Units, determined as of the Possession Date, exceeds the Discounted Remaining Rentals (the aggregate date of such amounts being referred to as sales or other disposition in accordance with the "Sale Recovery Amount"schedule set forth in the Lease for such Unit(s). The balancebalance of such proceeds, if any, of the Recovery Rentals, in the case of a release, and of the Recovery Proceeds, in the case of a sale or other disposition, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages with respect to such Unitsdamages, and any remaining amounts amount shall be retained by Lessor. Lessee shall remain liable to Lessor, with respect to any Units which are released or sold or otherwise disposed of, Lessor to the extent that the Release Recovery Amount exceeds the Recovery Rentals or the Sale Recovery Amount exceeds the Recovery Proceeds. Lessor shall be entitled to, and Lessee shall have no claim with respect to, all rentals, with respect to any period commencing after the expiration aggregate amount of the applicable Remaining Lease Term, from released Unitssums referred to in clauses (i) through (iv) above shall exceed the aggregate proceeds received by Lessor in connection with the sale or disposition of the Equipment (other than pursuant to a lease).

DISPOSITION OF EQUIPMENT. In the event, upon the occurrence of an Event of Default, Lessor repossesses any of the Equipment, Lessor may lease any or all of such Equipment, or sell any or all of such Equipment at one or more public or private sales, in such manner, at such times and upon such terms as Lessor may determine. In the event that Lessor leases any of such Units, any rentals received by Lessor for the "Remaining Lease Term" (the Term"(the period ending on the date when the Original Term for such Unit would have expired if an Event of Default had not occurred), discounted to present value, at the Discount Rate, as of the Possession Date (the "Recovery Rentals"), for such Units shall be applied to the payment of (a) all costs and expenses (including, without limitation, reasonable attorneys' fees) incurred by Lessor in retaking possession of, and removing, storing, repairing, refurbishing and leasing, such Units, (b) accrued and unpaid rentals as of the date Lessor obtained possession of such Units or the date on which Lessee made an effective tender of possession of such Units to Lessor, whichever shall first occur (the "Possession Date"), (c) the present value of the rentals for such Units for the balance of the Original Term of the applicable Lease (the "Discounted Remaining Rentals") and any other sums payable thereunder or hereunder with respect to such Units, discounted at the Discount Rate as of the Possession Date, (d) any and all other sums (other than rentals) with respect to such Units then owing to Lessor by Lessee thereunder or hereunder, and (e) any loss or damage to the Lessor's residual interest in such Units caused by such Event of Default (the aggregate of such amounts being referred to as the "Release Recovery Amount"). In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a lease) any such Units, the proceeds thereof (the "Recovery Proceeds") shall be applied to the payment of the amounts referred to in clauses (a) through (d) above and the amount by which the Casualty Value for such Units, as of the Possession Date, exceeds the Discounted Remaining Rentals (the aggregate of such amounts being referred to as the "Sale Recovery Amount"). The balance, if any, of the Recovery Rentals, in the case of a release, and of the Recovery Proceeds, in the case of a sale or other disposition, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages with respect to such Units, and any remaining amounts shall be retained by Lessor. Lessee shall remain liable to Lessor, with respect to any Units which are released or sold or otherwise disposed of, to the extent that the Release Recovery Amount exceeds the Recovery Rentals or the Sale Recovery Amount exceeds the Recovery Proceeds. Lessor shall be entitled to, and Lessee shall have no claim with respect to, all rentals, with respect to any period commencing after the expiration of the applicable Remaining Lease Term, from released Units.

DISPOSITION OF EQUIPMENT. In the event, upon the occurrence of an Event of Default, event Lessor repossesses any of the repossess Equipment, Lessor may (a) lease any or all of such the Equipment, or any portion thereof, in such a manner, for such time and upon such term(s) as Lessor may determine or (b) sell the Equipment. or any or all of such Equipment portion thereof, at one or more public or private sales, in such manner, and at such times and upon such terms as Lessor may determine. In the event that Lessor leases any of such Units, any rentals received by Lessor for the "Remaining Lease Term" Term(s) (the period ending on the date when the Original Term for such Unit the Unit(s) would have expired if an Event of Default had not occurred), discounted to present value, at the Discount Rate, as of the Possession Date (the "Recovery Rentals"), ) for such Units shall be applied to the payment of (ai) all costs and expenses (includingIncluding attorneys' fees) incurred by Lessor in retaking possession of, without limitationand removing, storing, repairing, refurbishing and leasing such Units, and (ii) the rentals for the remainder of the Original Term and all other sums, including past due rentals, remaining unpaid under the Lease. The balance of such rentals, if any, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages, and any remaining amounts shall be retained by Lessor. All rentals received by Lessor for the period commencing after the expiration of the Remaining Lease Term(s) shall be retained by Lessor. Lessee shall remain liable to Lessor to the extent that the aggregate amount of the sums referred to in clause (i) and (ii) above shall exceed the aggregate rentals received by Lessor under such leases for the respective Remaining Lease Term(s) applicable to the Units covered by such lease. In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a lease) any such Unit, the proceeds thereof shall be applied to the payment of (i) all costs and expenses (including reasonable attorneys' fees) incurred by Lessor in retaking possession of, and removing, storing, repairing, refurbishing and leasing, such Units, (b) accrued and unpaid rentals as of the date Lessor obtained possession selling or otherwise disposing of such Units or the date on which Lessee made an effective tender of possession of such Units to Lessor, whichever shall first occur (the "Possession Date"Unit(s), (cii) the present value rentals that either did or would have accrued under the Lease but are unpaid up to the time of the rentals for such Units for the balance of the Original Term of the applicable Lease (the "Discounted Remaining Rentals") and any sale or other sums payable thereunder or hereunder with respect to such Units, discounted at the Discount Rate as of the Possession Datedisposition, (diii) any and all other sums (other than rentals) with respect to such Units then owing to Lessor by Lessee thereunder or hereunderunder, and (eiv) any loss or damage to the Lessor's residual interest in such Units caused by such Event of Default (the aggregate Stipulated Loss Value of such amounts being referred to as the "Release Recovery Amount"). In the event that Lessor shall sell or otherwise dispose of (other than pursuant to a leaseUnit(s) any such Units, the proceeds thereof (the "Recovery Proceeds") shall be applied to the payment of the amounts referred to in clauses (a) through (d) above and the amount by which the Casualty Value for such Units, determined as of the Possession Date, exceeds the Discounted Remaining Rentals (the aggregate date of such amounts being referred to as sales or other disposition in accordance with the "Sale Recovery Amount"schedule set forth in the Lease for such Unit(s). The balancebalance of such proceeds, if If any, of the Recovery Rentals, in the case of a release, and of the Recovery Proceeds, in the case of a sale or other disposition, shall be applied first to reimburse Lessee for any sums previously paid by Lessee as liquidated damages with respect to such Unitsdamages, and any remaining amounts shall be retained by Lessor. Lessee shall remain liable to Lessor, with respect to any Units which are released or sold or otherwise disposed of, Lessor to the extent that the Release Recovery Amount exceeds the Recovery Rentals or the Sale Recovery Amount exceeds the Recovery Proceeds. Lessor shall be entitled to, and Lessee shall have no claim with respect to, all rentals, with respect to any period commencing after the expiration aggregate amount of the applicable Remaining Lease Term, from released Unitssums referred to in clauses (I) through (iv) above shall exceed the aggregate proceeds received by Lessor in connection with the sale or disposition of the Equipment (other than pursuant to a lease).