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

Loss; Damage; Destruction and Seizure. (a) Lessee shall bear the risk of the Units being lost, stolen, destroyed, damaged or seized by governmental authority for any reason whatsoever at any time until the latest to occur of (i) the expiration or termination of the Term or (ii) any storage period thereafter (if Lessee controls the storage arrangements) or (iii) the return of the subject Unit to Lessor, and shall proceed diligently and cooperate fully to recover any and all damages, insurance proceeds or condemnation awards. (b) Except as described in Section 11(c) hereof, if during the Term or the storage period thereafter (if Lessee controls the storage arrangements), any Unit shall be lost, stolen, destroyed, irreparably damaged or seized by a governmental authority for a period equal to at least the remainder of the Term, Lessor shall receive from the proceeds of insurance obtained pursuant to Section 10 hereof, from any award paid by the seizing governmental authority and, to the extent not received from the proceeds of such insurance or award or both, from Lessee, on or before the Rental Payment date next succeeding such loss, theft, destruction, damage or governmental seizure: (i) all accrued and unpaid rent in respect of such Unit including rent due on the Rental Payment date next succeeding the date of such loss or seizure if the rent is in arrears; (ii) the Stipulated Loss Value of such Unit, determined as of such Rental Payment date; (iii) all other sums, if any, that shall have become due and payable hereunder; and (iv) interest on the foregoing at the lower of the rate per annum equal to the highest implicit interest rate for any Schedule plus 2% or the highest rate then permitted by applicable law from the due dates(s) of such payment(s) to the date of payment. On receipt by Lessor of the amount specified hereinabove with respect to each such Unit so lost, stolen, destroyed, damaged or seized, (i) this Lease shall be deemed terminated as to such Unit and rent in respect of such Unit shall be deemed abated, as of the Rental Payment date next succeeding such loss, theft, damage, destruction or seizure; and (ii) so long as no default or Event of Default has occurred and is continuing hereunder, Lessor shall on demand, transfer title to such Unit, "AS IS, WHERE IS, WITHOUT RECOURSE,

Loss; Damage; Destruction and Seizure. (ai) Lessee Borrower shall bear the risk of the Units Equipment Collateral being lost, stolen, destroyed, damaged or seized by a governmental authority for any reason whatsoever at any time until the latest to occur of (i) the expiration or termination of the Term or Term. (ii) any storage period thereafter (if Lessee controls the storage arrangements) or (iii) the return of the subject Unit to Lessor, and shall proceed diligently and cooperate fully to recover any and all damages, insurance proceeds or condemnation awards. (b) Except as described set forth in Section 11(c) hereof6.01(e)(iii), if during the Term or the storage period thereafter (if Lessee controls the storage arrangements), any Unit shall be item of Equipment is lost, stolen, destroyed, irreparably damaged or seized by a governmental authority for a period equal to at least the remainder of the TermTerm (an “Event of Loss”), Lessor then Lender shall receive from the proceeds of insurance obtained maintained pursuant to Section 10 hereof6.01(d), from any award paid by the seizing governmental authority andor, to the extent not received from the proceeds of such insurance or award or both, from LesseeBorrower, on or before the Rental Payment date Date next succeeding such lossEvent of Loss, theft, destruction, damage or governmental seizure: an amount equal to the sum of (ix) all accrued and unpaid rent in Scheduled Payments with respect of to such Unit including rent Loan due prior to or on the Rental next such Payment date next succeeding the date of such loss or seizure if the rent is Date, (y) a prepayment in arrears; (ii) an amount equal to the Stipulated Loss Value of such Unit, determined as each affected item of such Rental Payment date; Equipment Collateral and (iiiz) all other sums, if any, that shall have become due and payable hereunder; and (iv) hereunder with respect to such Loan, including interest on the foregoing at the lower of the rate per annum equal Default Rate with respect to the highest implicit interest rate for any Schedule plus 2% or the highest rate then permitted by applicable law from the past due dates(s) of such payment(s) to amounts. On the date of payment. On receipt by Lessor Lender of the amount specified hereinabove above with respect to each such Unit so lostitem of Equipment Collateral subject to an Event of Loss, stolen, destroyed, damaged or seized, (i) the provisions of this Lease Agreement shall be deemed terminated terminate as to such Unit Equipment Collateral. Any proceeds of insurance maintained by Borrower pursuant to Section 6.01(d) and rent in respect of such Unit received by Borrower shall be deemed abated, as paid to Lender promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from governmental authorities are in excess of the Rental Payment date next succeeding such lossamount owed under this Section 6.01(e), theft, damage, destruction or seizure; and Lender shall promptly remit to Borrower the amount in excess of the amount owed to Lender. (iiiii) so So long as no default or Event of Default has occurred and is continuing hereundercontinuing, Lessor any proceeds of insurance maintained pursuant to Section 6.01(d) received by Lender or Borrower with respect to an item of Equipment Collateral the repair of which is practicable shall, at the election of Borrower, be applied either to the repair or replacement of such Equipment Collateral or, upon Lender’s receipt of evidence of the repair or replacement of the Equipment Collateral reasonably satisfactory to Lender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Equipment Collateral pursuant to this Section 6.01(e)(iii) shall on demandimmediately become part of the Equipment Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Lender to protect and preserve Lender’s first priority security interest and otherwise to avoid any impairment of Lender’s rights under the Operative Documents, transfer title in connection with such repair or replacement. In the event that any proceeds of insurance received by Lender are in excess of the amount required to repair and replace Equipment Collateral pursuant to this Section 6.01(e)(iii) and Lender has a first priority security interest in such repaired or replaced Equipment Collateral, then Lender shall promptly remit to Borrower the excess proceeds of insurance that Lender received with respect to such Unit, "AS IS, WHERE IS, WITHOUT RECOURSE,Equipment Collateral.

Loss; Damage; Destruction and Seizure. (a) Lessee Borrower shall bear the risk of the Units 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 latest to occur of (i) the expiration or termination of the Term or (ii) any storage period thereafter (if Lessee controls the storage arrangements) or (iii) the return of the subject Unit to Lessor, and shall proceed diligently and cooperate fully to recover any and all damages, insurance proceeds or condemnation awardsTerm. (b) Except as described in Section 11(c) hereof, if If during the Term or the storage period thereafter (if Lessee controls the storage arrangements), any Unit shall be item of Financed Equipment is lost, stolen, destroyed, irreparably damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever for a period equal to at least the remainder of the TermTerm (an "Event of Loss"), Lessor then in each case Lender shall receive from the proceeds of insurance obtained maintained pursuant to Section 10 hereof6.9, from any award paid by the seizing governmental authority andor, to the extent not received from the proceeds of such insurance or award or both, from LesseeBorrower, on or before the Rental Payment date Date next succeeding such lossEvent of Loss, theft, destruction, damage or governmental seizurean amount equal to the sum of: (i) all accrued and unpaid rent in Scheduled Payments with respect of to such Unit including rent Loan due on prior to the Rental next such Payment date next succeeding the date of such loss or seizure if the rent is in arrears; Date, (ii) a prepayment in an amount equal to the Stipulated Loss Loan Value with respect to such Loan multiplied by the Stated Cost of such Uniteach affected item of Financed Equipment, determined as of such Rental Payment date; and (iii) all other sums, if any, that shall have become due and payable hereunder; and (iv) hereunder with respect to such Loan, including interest on the foregoing at the lower of the rate per annum equal Default Rate with respect to the highest implicit interest rate for any Schedule plus 2% or the highest rate then permitted by applicable law from the past due dates(s) of such payment(s) to amounts. On the date of payment. On receipt by Lessor Lender, of the amount specified hereinabove above with respect to each such Unit so lostitem of Financed Equipment subject to an Event of Loss, stolen, destroyed, damaged or seized, (i) this Lease Agreement shall be deemed terminated terminate as to such Unit Financed Equipment. Except as provided in Section 6.10(c), any proceeds of insurance maintained by Borrower pursuant to Section 6.9 and rent in respect of such Unit received by Borrower shall be deemed abatedpaid to Lender, as promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from governmental authorities are in excess of the Rental Payment date next succeeding such lossamount owed under this Section 6.10, theft, damage, destruction or seizure; and Lender shall promptly remit to Borrower the amount in excess of the amount owed to Lender. (iic) so So long as no default or Event of Default has occurred and is continuing hereundercontinuing, Lessor shall on demandany proceeds of insurance maintained pursuant to Section 6.9 received by Lender or Borrower with respect to an item of Financed Equipment, transfer title the repair of which is practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such UnitFinanced Equipment or, "AS ISupon Lender's receipt of evidence of the repair or replacement of the Financed Equipment reasonably satisfactory to Lender, WHERE IS, WITHOUT RECOURSE,to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Financed Equipment pursuant to this Section 6.10

Loss; Damage; Destruction and Seizure. (a) Lessee shall bear the risk of the Units being lost, stolen, destroyed, damaged or seized by governmental authority for any reason whatsoever at any time until the latest to occur of (i) the expiration or termination of the Term or (ii) any storage period thereafter (if Lessee controls the storage arrangements) or (iii) the return of the subject Unit to LessorLessor (if authorized hereunder), and shall proceed diligently and cooperate fully to recover any and all damages, insurance proceeds or condemnation awards. (b) Except as described in Section 11(c) hereof, if during the Term or the storage period thereafter (if Lessee controls the storage arrangements)thereafter, any Unit shall be lost, stolen, destroyed, irreparably damaged or seized by a governmental authority for a period equal to at least the remainder of the Term, Lessor shall receive from the proceeds of insurance obtained pursuant to Section 10 hereof, from any award paid by the seizing governmental authority and, to the extent not received from the proceeds of such insurance or award or both, from Lessee, on or before the Rental Payment date next succeeding such loss, theft, destruction, damage or governmental seizure: (i) all accrued and unpaid rent in respect of such Unit including rent due on the Rental Payment rental payment date next succeeding the date of such loss or seizure if the rent is in arrears; (ii) the Stipulated Loss Value of such Unit, determined as of such Rental Payment date; (iii) all other sums, if any, that shall have become due and payable hereunder; and (iv) interest on the foregoing at the lower of the rate per annum equal to the highest implicit interest rate for any Schedule plus 21.5% per month or the highest rate then permitted by applicable law from the due dates(s) of such payment(s) to the date of payment. On receipt by Lessor of the amount specified hereinabove with respect to each such Unit so lost, stolen, destroyed, damaged or seized, (i) this Lease shall be deemed terminated as to such Unit and rent in respect of such Unit shall be deemed abated, as of the Rental Payment date next succeeding such loss, theft, damage, destruction or seizure; and (ii) so long as no default or Event of Default has occurred and is continuing hereunder, Lessor shall on demand, transfer title to such Unit, "AS IS, WHERE IS, WITHOUT RECOURSE, REPRESENTATION OR WARRANTY," to Lessee, or, if appropriate in Lessor's sole judgment, which judgment shall be exercised in a reasonable manner, and on prior notice to Lessee, to Lessee's insurance carrier. Any proceeds of insurance payable to Lessor pursuant to this Section 11 and Section 10 hereof received by Lessee shall be paid to Lessor promptly upon their receipt by Lessee. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section 1l(b), Lessor shall promptly remit to Lessee the amount in excess of the amount owed to Lessor. (c) So long as no Event of Default shall have occurred and be continuing, any proceeds of insurance obtained pursuant to Section 10 hereof received with respect to any Unit the repair of which is practical shall, at the election of Lessee, be applied either to the repair of such Unit or, upon Lessor's receipt of evidence of the repair of the Unit reasonably satisfactory to Lessor, to the reimbursement of Lessee for the cost of such repair. (d) Lessee shall promptly, but in any event within 30 days thereafter, notify Lessor in writing in reasonable detail of any loss, theft, destruction or seizure described in this Section 11. (e) The Stipulated Loss Value payable by Lessee under this Lease shall be that percentage of Lessor's Cost of the affected Unit(s) set forth in the table attached to the applicable Schedule as Annex B opposite the Rental Payment date next following the event giving rise to Lessee's obligation to pay Stipulated Loss Value. Stipulated Loss Values and Rental Payments shall not be prorated.

Loss; Damage; Destruction and Seizure. (a) Lessee Borrower shall bear the risk of the Units Collateral being lost, stolen, destroyed, damaged or seized by a governmental authority for any reason whatsoever at any time rime until the latest to occur of (i) the expiration or termination of the Term or Term, (ii) any storage period thereafter (if Lessee controls the storage arrangements) or (iii) the return of the subject Unit to Lessor, and shall proceed diligently and cooperate fully to recover any and all damages, insurance proceeds or condemnation awards. (b) Except as described set forth in Section 11(c) hereof611(e)(iii), if during the Term or the storage period thereafter (if Lessee controls the storage arrangements), any Unit shall be item of Equipment a lost, stolen, destroyed, irreparably damaged or seized by a governmental authority for a period equal to at least the remainder of the TermTerm (an "Event of Loss"), Lessor then Lender shall receive from the proceeds of insurance obtained maintained pursuant to Section 10 hereof611(d), from any any, award paid by the seizing governmental authority and, on to the extent not received from the proceeds of such insurance or award or both, from LesseeBorrower, on or before the Rental Payment date Date next succeeding such lossEvent of Loss, theft, destruction, damage or governmental seizurean amount equal to the sum of: (i) t x all accrued and unpaid rent Scheduled Payments with respect to such Loan due prior to the next such Payment Date, (y) a prepayment in an amount equal to the Loan Value, with respect to such Loan, multiplied by the Stated Cost of such Unit including rent due on the Rental Payment date next succeeding the date each affected item of such loss or seizure if the rent is in arrears; Collateral and (ii) the Stipulated Loss Value of such Unit, determined as of such Rental Payment date; (iiiz) all other sums, if any, that shall have become due and payable hereunder; and (iv) hereunder with respect to such Loan, including interest on the foregoing at the lower of the rate per annum equal Default Rate with respect to the highest implicit interest rate for any Schedule plus 2% or the highest rate then permitted by applicable law from the past due dates(s) of such payment(s) to amounts. On the date of payment. On receipt by Lessor Lender of the amount specified hereinabove with respect to each such Unit so lostitem of Collateral subject to an Event of Loss, stolen, destroyed, damaged or seized, (i) the provisions of this Lease Agreement shall be deemed terminated terminate as to such Unit Collateral, and rent Lender shall take all actions as Borrower may reasonably require to release Lender's security interest in respect of such Unit shall be deemed abated, as of the Rental Payment date next succeeding such loss, theft, damage, destruction or seizure; and (ii) so long as no default or Event of Default has occurred and is continuing hereunder, Lessor shall on demand, transfer title Collateral pursuant to such Unit, "AS IS, WHERE IS, WITHOUT RECOURSE,Section 5.

Loss; Damage; Destruction and Seizure. (a) Lessee Borrower shall bear the risk of the Units 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 latest to occur of (i) the expiration or termination of the Term or (ii) any storage period thereafter (if Lessee controls the storage arrangements) or (iii) the return of the subject Unit to Lessor, and shall proceed diligently and cooperate fully to recover any and all damages, insurance proceeds or condemnation awardsTerm. (b) Except as described in Section 11(c) hereof, if If during the Term or the storage period thereafter (if Lessee controls the storage arrangements), any Unit shall be item of Financed Equipment is lost, stolen, destroyed, irreparably damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever for a period equal to at least the remainder of the TermTerm (an "Event of Loss"), Lessor then in each case Agent, on behalf of Lenders, shall receive from the proceeds of insurance obtained maintained pursuant to Section 10 hereof6.9, from any award paid by the seizing governmental authority andor, to the extent not received from the proceeds of such insurance or award or both, from LesseeBorrower, on or before the Rental Payment date Date next succeeding such lossEvent of Loss, theft, destruction, damage or governmental seizure: an amount equal to the sum of (i) all accrued and unpaid rent in Scheduled Payments with respect of to such Unit including rent Loan due on prior to the Rental next such Payment date next succeeding the date of such loss or seizure if the rent is in arrears; Date, (ii) a prepayment in an amount equal to the Stipulated Loss Loan Value with respect to such Loan multiplied by the Stated Cost of each affected item of Financed Equipment provided that the sum of (i) and (ii) shall not exceed the principal amount of each such Unit, determined as of such Rental Payment date; Loan and all accrued interest and (iii) all other sums, if any, that shall have become due and payable hereunder; and (iv) hereunder with respect to such Loan, including interest on the foregoing at the lower of the rate per annum equal Default Rate with respect to the highest implicit interest rate for any Schedule plus 2% or the highest rate then permitted by applicable law from the past due dates(s) of such payment(s) to amounts. On the date of payment. On receipt by Lessor Agent, on behalf of Lenders, of the amount specified hereinabove above with respect to each such Unit so lostitem of Financed Equipment subject to an Event of Loss, stolen, destroyed, damaged or seized, (i) this Lease Agreement shall be deemed terminated terminate as to such Unit Financed Equipment. Except as provided in Section 6.10(c), any proceeds of insurance maintained by Borrower pursuant to Section 6.9 and rent in respect of such Unit received by Borrower shall be deemed abatedpaid to Agent, as on behalf of Lenders, promptly upon their receipt by Borrower. If any proceeds of insurance or awards received from governmental authorities are in excess of the Rental Payment date next succeeding such lossamount owed under this Section 6.10, theft, damage, destruction or seizure; and Agent shall promptly remit to Borrower the amount in excess of the amount owed to Lenders. (iic) so So long as no default or Event of Default has occurred and is continuing hereundercontinuing, Lessor any proceeds of insurance maintained pursuant to Section 6.9 received by Lenders or Borrower with respect to an item of Financed Equipment, the repair of which is practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Financed Equipment or, upon Agent's receipt, on behalf of Lenders, of evidence of the repair or replacement of the Financed Equipment reasonably satisfactory to Lenders, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in replacement of Financed Equipment pursuant to this Section 6.10(c) shall immediately become part of the Financed Equipment upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by Agent, on demandbehalf of Lenders, transfer title to protect and preserve their first priority security interest and otherwise to avoid any impairment of Agent's and Lenders' rights under the Loan Documents in connection with such Unit, "AS IS, WHERE IS, WITHOUT RECOURSE,repair or replacement.