Common use of Loss; Damage; Destruction and Seizure Clause in Contracts

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of the options set forth above, any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 and received by Borrower shall be paid to Agent promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to Borrower the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, any proceeds of insurance or any award paid by the seizing Governmental Authority that is received by Agent or Borrower may use any such proceeds shall be applied, at Borrower’s option, (i) to the Obligations, or (ii) to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss Loss, or to purchase other property used in Borrower’s business, and such replacement Collateral item, or such other property, shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each If any such item of Collateral subject to proceeds or awards are paid while an Event of LossDefault has occurred and is continuing, the provisions of this Loan Agreement shall terminate as to Agent may, at its option, apply such Collateral. Pending Borrower’s election of the options set forth above, any proceeds of insurance maintained by Borrower with respect or awards to the Collateral pursuant to Section 5.06 and received by Borrower shall be paid to Agent promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to Borrower the amount in excess of the amount to be held by AgentObligations. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of Borrower for the cost of such repair repair. If any such proceeds or replacement. All replacement parts awards are paid while an Event of Default has occurred and equipment acquired by Borrower in replacement of Collateral pursuant is continuing, Agent may at its option apply such proceeds or awards to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacementObligations.

Loss; Damage; Destruction and Seizure. (a) Borrower shall bear the risk of the Collateral being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. (b) If while payment Obligations are outstanding during the Term any item of Collateral becomes obsolete or is lost, stolen, destroyed, damaged beyond repair repair, rendered permanently unfit for use, or seized by a Governmental Authority governmental authority for any reason whatsoever for a period equal to at least the remainder of the Term (an “Event of Loss”), then, at Borrower’s option, either (i) Agent then in each case Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.066.9, from any award paid by the seizing Governmental Authority governmental authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date next succeeding such Event of Loss, an amount equal to the replacement value sum of: (i) the pro rata portion of all unpaid and remaining Interim Payments and/or Scheduled Payments with respect to the item Loans outstanding and due hereunder related to the specific item(s) of Collateral which were the subject to the of an Event of Loss which shall be held as additional Collateral for the AdvanceLoss, or and (ii) if no Event the pro rata portion of Default has occurred Final Payment related to the Loans outstanding and is continuing, Borrower may use any such proceeds due hereunder related to purchase an item of Collateral to replace the item item(s) of Collateral which was were the subject to the of an Event of Loss Loss, and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to such replacement item(s) of Collateral shall become part which were the subject of an Event of Loss, including interest at the CollateralDefault Rate with respect to any past due amounts. On the date of receipt by Agent Lender of the amount specified hereinabove above with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such specific items of Collateral. Pending Borrower’s election of the options set forth aboveExcept as provided in Section 6.10(c), any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 6.9 and received by Borrower up to the amount calculated in the previous sentence shall be paid to Agent Lender promptly upon their receipt by Borrower, net of any sums previously furnished by Borrower to Lender on account of an Event of Loss under this Section 6.10(b). If any proceeds of insurance or awards received from Governmental Authorities governmental authorities are in excess of the amount owed under this Section 5.11(a)6.10, Agent Lender shall promptly remit to Borrower the amount in excess of the amount owed to be held by AgentLender. (bc) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 6.9 received by Agent Lender or Borrower with respect to an item of Collateral Collateral, the repair or replacement of which is practicable practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon AgentLender’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.6.10

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority ({an “Event of Loss”), then, at Borrower’s Borrowers’ option, and subject to the terms of the Subordination Agreement, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the AdvanceAuthority, or (ii) if no Event of Default has occurred and is continuing, Borrower Borrowers may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s Borrowers’ election of the options set forth above, subject to the terms of the Subordination Agreement, any proceeds of insurance maintained by a Borrower with respect to the Collateral pursuant to Section 5.06 and received by such Borrower shall be paid to Agent promptly upon their receipt by such Borrower. If , if any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a5.11 (a), Agent shall promptly remit to Borrower Borrowers the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or Borrower Borrowers with respect to an item of Collateral the repair of which is practicable shall, at the election of BorrowerBorrowers, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of Borrower Borrowers for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower Borrowers in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by BorrowerBorrowers. Each Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) Borrower shall bear the risk of the Collateral being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. (b) If while payment Obligations are outstanding during the Term any item of Collateral becomes obsolete or is lost, stolen, destroyed, damaged beyond repair repair, rendered permanently unfit for use, or seized by a Governmental Authority governmental authority for any reason whatsoever for a period equal to at least the remainder of the Term (an “Event of Loss”), then, at Borrower’s option, either (i) Agent then in each case Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.066.9, from any award paid by the seizing Governmental Authority governmental authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date next succeeding such Event of Loss, an amount equal to the replacement value sum of: (i) all accrued and unpaid Scheduled Payments with respect to such Loan due prior to the next such Payment Date, (ii) a prepayment in an amount equal to the Stipulated Loan Value with respect to such Loan multiplied by the Prepayment Amount of the each affected item of Collateral subject and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to such Loan, including interest at the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, Borrower may use Rate with respect to any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateralpast due amounts. On the date of receipt by Agent Lender of the amount specified hereinabove above with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of the options set forth aboveExcept as provided in Section 6.10(c), any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 6.9 and received by Borrower shall be paid to Agent Lender promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities governmental authorities are in excess of the amount owed under this Section 5.11(a)6.10, Agent Lender shall promptly remit to Borrower the amount in excess of the amount owed to be held by AgentLender. (bc) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 6.9 received by Agent Lender or Borrower with respect to an item of Collateral Collateral, the repair of which is practicable practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon AgentLender’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.6.10

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. (b) Subject to the terms and conditions of Section 6.10(c), if during the Term any item of Collateral Financed Equipment is lost, stolen, destroyed, damaged beyond repair repair, rendered permanently unfit for use, or seized by a Governmental Authority governmental authority for any reason whatsoever for a period equal to at least the remainder of the Term (an “Event of Loss”), thenthen in each case Agent, at Borrower’s optionon behalf of Lenders, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.066.9, from any award paid by the seizing Governmental Authority governmental authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date next succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject sum of: (i) all accrued and unpaid Scheduled Payments with respect to such Loan due prior to the Event of Loss which shall be held as additional Collateral for the Advancenext such Payment Date, or (ii) if no Event an amount equal to the Stipulated Loan Value Percentage with respect to such Loan multiplied by the Stated Cost of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an each affected item of Collateral Financed Equipment, and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to replace such Loan, including interest at the item of Collateral which was subject Default Rate with respect to the Event of Loss and such replacement Collateral shall become part of the Collateralany past due amounts. On the date of receipt by Agent Agent, on behalf of Lenders, of the amount specified hereinabove above with respect to each such item of Collateral Financed Equipment subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such CollateralFinanced Equipment. Pending Borrower’s election of the options set forth aboveExcept as provided in Section 6.10(c), any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 6.9 and received by Borrower shall be paid to Agent Agent, on behalf of Lenders, promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities governmental authorities are in excess of the amount owed under this Section 5.11(a)6.10, Agent shall promptly remit to Borrower the amount in excess of the amount owed to be held by AgentLenders. (bc) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 6.9 received by Agent Lenders or Borrower with respect to an item of Collateral the repair of which is practicable Financed Equipment, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral Financed Equipment or, upon Agent’s receipt receipt, on behalf of Lenders, of evidence of the repair or replacement of the Collateral Financed Equipment reasonably satisfactory to AgentLenders, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral Financed Equipment pursuant to this Section 5.11 6.10(c) shall immediately become part of the Collateral Financed Equipment upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent Agent, on behalf of Lenders, to protect and preserve Agent’s their first priority security interest and otherwise to avoid any impairment of Agent’s and Lenders’ rights under the Transaction Documents, Loan Documents in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. (b) If while payment Obligations are outstanding during the Term any item of Collateral Financed Equipment becomes Obsolete or is lost, stolen, destroyed, damaged beyond repair repair, rendered permanently unfit for use, or seized by a Governmental Authority governmental authority for any reason whatsoever for a period equal to at least the remainder of the Term (an “"Event of Loss”"), then, at Borrower’s option, either (i) Agent then in each case Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.066.8, from any award paid by the seizing Governmental Authority governmental authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date next succeeding such Event of Loss for each such item of Financed Equipment subject to an Event of Loss, an amount equal to the replacement value of the sum of: (i) all accrued and unpaid Scheduled Payments with respect to such Loan attributable to such item of Collateral subject Financed Equipment due prior to the Event of Loss which shall be held as additional Collateral for the Advancenext such Payment Date with respect to such Loan, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase a prepayment in an item of Collateral to replace the item of Collateral which was subject amount equal to the Event of Stipulated Loss Value and such replacement Collateral (iii) all other sums, if any, that shall have become part of due and payable hereunder, including interest at the CollateralDefault Rate with respect to any past due amounts. On the date of receipt by Agent Lender of the amount specified hereinabove above with respect to each such item of Collateral Financed Equipment subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such CollateralFinanced Equipment. Pending Borrower’s election of the options set forth aboveExcept as provided in Section 6.9(c), any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 6.8 and received by Borrower shall be paid to Agent Bank promptly upon their receipt by BorrowerBorrower up to the amounts due under this Section. If any proceeds of insurance or awards received from Governmental Authorities governmental authorities are in excess of the amount owed under this Section 5.11(a)6.9, Agent Lender shall promptly remit to Borrower the amount in excess of the amount owed to be held by AgentLender. (bc) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 6.8 received by Agent Lender or Borrower with respect to an item of Collateral Financed Equipment, the repair of which is practicable practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral Financed Equipment or, upon Agent’s Bank's receipt of evidence of the repair or replacement of the Collateral Financed Equipment reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral Financed Equipment pursuant to this Section 5.11 6.9(c) shall immediately become part of the Collateral Financed Equipment upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent Lender to protect and preserve Agent’s their first priority security interest and otherwise to avoid any impairment of Agent’s Lender's rights under the Transaction Documents, Loan Documents in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at the applicable Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from such Borrower, on or before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, such Borrower may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending such Borrower’s election of the options set forth above, any proceeds of insurance maintained by such Borrower with respect to the Collateral pursuant to Section 5.06 and received by such Borrower shall be paid to Agent promptly upon their receipt by such Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to such Borrower the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or a Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of such Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of such Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by a Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by such Borrower. Borrower Borrowers shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) 6.10.1 If while payment Obligations are outstanding any item of Collateral Equipment is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “"Event of Loss”"), then, at Borrower’s 's option, either (i) Agent Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.066.6, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date payment date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral Equipment subject to the Event of Loss which shall be held as additional Collateral for the AdvanceLoan, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an item of Collateral Equipment to replace the item of Collateral Equipment which was subject to the Event of Loss and such replacement Collateral Equipment shall become part of the Collateral. On the date of receipt by Agent Lender of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of the options set forth above, any Any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 6.6 and received by Borrower shall be paid to Agent Lender promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a)6.10.1, Agent Lender shall promptly remit to Borrower the amount in excess of the amount to be held by AgentLender. (b) 6.10.2 So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 6.6 received by Agent Lender or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s Lender's receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 6.10 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent Lender to protect and preserve Agent’s Lender's first priority security interest and otherwise to avoid any impairment of Agent’s Lender's rights under the Transaction Operative Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election If an Event of the options set forth Default has occurred and is continuing or if Borrower elects option (a) above, any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 5.05 and received by Borrower shall be paid to Agent promptly upon their receipt by Borrower. If any proceeds of insurance or awards received by Agent from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to Borrower the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (aA) Borrower shall bear the risk of the Collateral being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. (B) If while payment Obligations are outstanding during the Term any item of Collateral is lost, stolen, destroyed, damaged beyond repair repair, rendered permanently unfit for use, or seized by a Governmental Authority governmental authority for any reason whatsoever for a period equal to at least the remainder of the Term (an “"Event of Loss”"), then, at Borrower’s option, either (i) Agent then in each case Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.06SECTION 6.9, from any award paid by the seizing Governmental Authority governmental authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date next succeeding such Event of Loss, an amount equal to the replacement value sum of: (i) all accrued and unpaid Interim Payments and Scheduled Payments with, respect to such Loan due prior to the next such Payment Date, (ii) a prepayment in an amount equal to the Stipulated Loan Value with respect to such Loan multiplied by the Prepayment Amount of the each affected item of Collateral subject and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to such Loan, including interest at the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, Borrower may use Rate with respect to any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateralpast due amounts. On the date of receipt by Agent Lender of the amount specified hereinabove above with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of Notwithstanding the options set forth aboveforegoing and except as provided in SECTION 6.10(C), any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 SECTION 6.9 and received by Borrower Borrower, or awards received from governmental authorities, shall be paid to Agent Lender promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities governmental authorities are in excess of the amount owed under this Section 5.11(a)SECTION 6.10, Agent Lender shall promptly remit to Borrower the amount in excess of the amount owed to be held by AgentLender. (bC) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 SECTION 6.9 received by Agent Lender or Borrower with respect to an item of Collateral Collateral, the repair of which is practicable practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s Lender's receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.SECTION 6.10

Loss; Damage; Destruction and Seizure. (a) 6.10.1 If while payment Obligations are outstanding any item of Collateral Equipment is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “"Event of Loss”"), then, at Borrower’s 's option, either (i) Agent Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.066.6, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date payment date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral Equipment subject to the Event of Loss which shall be held as additional Collateral for the AdvanceLoan, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an item of Collateral Equipment to replace the item of Collateral Equipment which was subject to the Event of Loss and such replacement Collateral Equipment shall become part of the Collateral. On the date of receipt by Agent Lender of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of the options set forth above, any Any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 6.6 and received by Borrower shall be paid to Agent Lender promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a)6.10.1, Agent Lender shall promptly remit to Borrower the amount in excess of the amount to be held by AgentLender. (b) 6.10.2 So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 6.6 received by Agent Lender or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s Lender's receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 6.10 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent Lender to protect and preserve Agent’s Lender's first priority security interest and otherwise to avoid any impairment of Agent’s Lender's rights under the Transaction Operative Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at the applicable Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from such Borrower, on or before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, such Borrower may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending such Borrower’s election of the options set forth above, any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 and received by Borrower shall be paid to Agent promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to such Borrower the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or a Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of such Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of such Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower Borrowers shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date payment date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of the options set forth above, any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 and received by Borrower shall be paid to Agent promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to Borrower the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s Agent ‘s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 5.12 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s Agent ‘s first priority security interest in the Collateral, subject only to Permitted Liens, and otherwise to avoid any impairment of Agent’s Agent ‘s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (a) If while payment Obligations are outstanding any item of Collateral Equipment is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental Authority (an “Event of Loss”), then, at Borrower’s option, either (i) if an Event of Default has occurred and is continuing, Agent shall receive from the proceeds of insurance maintained pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date payment date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral Equipment subject to the Event of Loss which shall be held as additional Collateral for for, or applied as payment against, the AdvanceAdvances, or (ii) if no Event of Default has occurred and is continuing, Borrower may use any such proceeds to purchase an item of Collateral Equipment to replace the item of Collateral Equipment which was subject to the Event of Loss and such replacement Collateral Equipment shall become part of the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of the options set forth above, any Any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 and received by Borrower shall be paid to Agent promptly upon their receipt by BorrowerBorrower or promptly applied to the purchase of replacement Equipment, all in accordance with this Section 5.11 (a). If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a5.11 (a), Agent shall promptly remit to Borrower the amount in excess of the amount to be held by Agent. (b) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or Borrower with respect to an item of Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s Agent s receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Agent, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest interest, subject only to Permitted Liens, and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.

Loss; Damage; Destruction and Seizure. (aA) Borrower shall bear the risk of the Collateral being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. (B) If while payment Obligations are outstanding during the Term any item of Collateral is lost, stolen, destroyed, damaged beyond repair repair, rendered permanently unfit for use, or seized by a Governmental Authority governmental authority for any reason whatsoever for a period equal to at least the remainder of the Term (an “"Event of Loss”"), then, at Borrower’s option, either (i) Agent then in each case Lender shall receive from the proceeds of insurance maintained pursuant to Section 5.06SECTION 6.9, from any award paid by the seizing Governmental Authority governmental authority or, to the extent not received from the proceeds of insurance or award or both, from Borrower, on or before the next scheduled Payment Date next succeeding such Event of Loss, an amount equal to the replacement value sum of: (i) all accrued and unpaid Interim Payments and Scheduled Payments with respect to such Loan due prior to the next such Payment Date, (ii) a prepayment in an amount equal to the Stipulated Loan Value with respect to such Loan multiplied by the Prepayment Amount of the each affected item of Collateral subject and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to such Loan, including interest at the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no Event of Default has occurred and is continuing, Borrower may use Rate with respect to any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of the Collateralpast due amounts. On the date of receipt by Agent Lender of the amount specified hereinabove above with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending Borrower’s election of Notwithstanding the options set forth aboveforegoing and except as provided in SECTION 6.10(C), any proceeds of insurance maintained by Borrower with respect to the Collateral pursuant to Section 5.06 SECTION 6.9 and received by Borrower Borrower, or awards received from governmental authorities, shall be paid to Agent Lender promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from Governmental Authorities governmental authorities are in excess of the amount owed under this Section 5.11(a)SECTION 6.10, Agent Lender shall promptly remit to Borrower the amount in excess of the amount owed to be held by AgentLender. (bC) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 SECTION 6.9 received by Agent Lender or Borrower with respect to an item of Collateral Collateral, the repair of which is practicable practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s Lender's receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to AgentLender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Collateral pursuant to this Section 5.11 shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement.SECTION 6.10