Common use of Loss, Damage or Destruction of Equipment Clause in Contracts

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no damage to, taking of or theft, loss or destruction of any Equipment shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereof. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question, and shall pay Lessor in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated as of the date of the Casualty Occurrence, or (ii) the Fair Market Value (as hereinafter defined) of the item of Equipment in question as of the date of the Casualty Occurrence. This payment shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of payment.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no damage to, taking of or theft, loss or destruction of any Equipment shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereof. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question, and shall pay Lessor in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated as of the date of the Casualty Occurrence, or (ii) the Fair Market Value (as hereinafter defined) of the item of Equipment in question as of the date of the Casualty Occurrence. This payment shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of payment.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no No damage to, taking of ----------------------------------------- or theft, loss or destruction of any Equipment shall impair any obligation of Lessee Borrower to Lessor under this LeaseLender, including, without limitation, the obligation to pay Basic Rentthe Loans. (b) In the event that any item of Equipment shall become lost, stolen, destroyed or damaged from any cause whatsoever, Lessee Borrower agrees to promptly notify Lessor Lender in writing of such fact, fully informing Lessor Lender of the details thereof. If any item of Equipment is damaged (unless the same, in the opinion of Lessor same is irreparably damaged, in which case the provisions of this Lease Master Agreement with respect to a Casualty Occurrence shall apply), Lessee Borrower shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessorthe security interest of Lender. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor Lender of evidence, reasonably satisfactory to LessorLender, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor Lender shall release to Lessee Borrower or its supplier the proceeds of any insurance received by Lessor Lender as a result of such damage for the purpose of reimbursing Lessee Borrower for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or LessorBorrower's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease), Lessee Borrower shall promptly notify Lessor Lender in writing of such fact, fully informing Lessor Lender of all details of the Casualty Occurrence in question, and shall pay Lessor Lender in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, outstanding principal balance and accrued interest calculated as of the date of the Casualty Occurrence. In addition, or (ii) the Fair Market Value (a Prepayment Premium shall be paid, which shall be calculated as hereinafter defined) of the item of Equipment in question as of if prepayment had been made on the date of the Casualty Occurrence. If the Casualty Occurrence affects less than all of the Equipment, Borrower shall only be required to pay the Pro Rata Percentage of the outstanding principal balance, accrued interest and Prepayment Premium. The "Pro Rata Percentage" is to be calculated by dividing the original equipment cost of the affected Equipment by the original equipment cost of all tangible Equipment financed hereunder (excluding all soft costs), as set forth in the various Schedules. This payment shall be made within 30 days following the Casualty Occurrence, Occurrence and shall be applied to the Loan and Note made together with the Basic Rent accrued such Loan and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of paymentSecurity Agreement.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no damage to, taking of or theft, loss or destruction of any Equipment shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereof. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completedundertaken, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such itemitem to the extent such repair, restoration or replacement has been made. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question, and shall pay Lessor in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated as of the date of the Casualty Occurrence, or (ii) the Fair Market Value (as hereinafter defined) of the item of Equipment in question as of the date of the Casualty Occurrence. This payment shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of payment.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all ---------------------------------------- risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no damage to, taking of or theft, loss or destruction of any Equipment shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereof. If any item of Equipment is damaged (unless the same, in the reasonable opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question, and shall pay Lessor in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated as of the date of the Casualty Occurrence, or (ii) the Fair Market Value (as hereinafter defined) of the item of Equipment in question as of the date of the Casualty Occurrence. This payment shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of payment.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no damage to, taking of or theft, loss or destruction of any Equipment shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereof. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, reasonably satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question, and shall pay Lessor in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated as of the date of the Casualty Occurrence, or (ii) the Fair Market Value (as hereinafter defined) of the item of Equipment in question as of the date of the Casualty Occurrence. This payment shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of payment.the

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this Lease. Except as otherwise herein expressly provided, no damage to, taking of or theft, loss or destruction of any Equipment shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereof. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, therefore. Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein called a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in question, and shall pay Lessor in cash the greater of (i) the "Stipulated Loss Value" as set forth in the Table of Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated as of the date of the Casualty Occurrence, or (ii) the Fair Market Value (as hereinafter defined) of the item of Equipment in question as of the date of the Casualty Occurrence. This payment shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid with respect to such Equipment as of the date of the Casualty Occurrence, plus all Additional Rent or amounts owing with respect to such Equipment on such date of payment.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of Equipment during the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term lease term and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option provisions of this LeaseLessor. Except as otherwise herein expressly provided, no such damage to, taking of or theft, loss or destruction of of, any Equipment Equipment, shall impair any obligation of Lessee to Lessor Lessor, under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereofrent. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become becomes lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned subject to any condemnation or seized by any governmental authority seizure (each such occurrence being herein called all referred to as a "Casualty Occurrence") during the Lease Term and until it has been returned to Lessor pursuant to the provisions of this Lease or until the Equipment is purchased by Lessee pursuant to any purchase option provisions of this Lease), Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of the Casualty Occurrence in questiongive written notice to, and shall shall, within thirty (30) days after such Casualty Occurrence, pay Lessor in cash an amount equal to the greater sum of (i) the accrued rent payable for such item from the date of such Casualty Occurrence up to and including the date of such payment, plus (ii) the "Stipulated Loss Value" as set forth in Schedule A or any subsequent schedules which may hereafter be made a part thereof. Notwithstanding the Table foregoing, provided that no event of default has occurred and is continuing, Lessee may, in lieu of paying the Stipulated Loss Values attached to the Rental Schedule pursuant to which such item of Equipment is leased hereunder, calculated Value as of the date of the Casualty Occurrence, or provided in (ii) the Fair Market Value (as hereinafter defined) above, replace such affected Equipment with property reasonably acceptable to Lessor of the item of Equipment like kind, equal fair market value, utility, economic useful life, in question as of the date of the Casualty Occurrencegood repair, condition and working order; which property shall thereupon be subject to this Agreement. This Upon such payment or replacement, this Lease shall be made within 30 days following the Casualty Occurrence, together with the Basic Rent accrued and unpaid terminate with respect to the affected Equipment or part thereof so paid for or replaced and Lessee thereupon shall become entitled thereto. Any insurance proceeds received as the result of a Casualty Occurrence shall be applied first in reduction of any then unpaid obligation of Lessee to Lessor hereunder and secondly, in reduction of Lessee's obligation in accordance with section (ii) above to pay the "Stipulated Loss Value" for such Equipment as item, or, to the reimbursement of Lessee for its costs of repairs, or replacement or payment of such "Stipulated Loss Value." The balance of the date of the Casualty Occurrenceinsurance proceeds, plus all Additional Rent or amounts owing with respect if any, shall be paid to such Equipment on such date of paymentLessee, if Lessee is not then in default hereunder.

Loss, Damage or Destruction of Equipment. (a) Lessee shall bear all risks of damage to, taking of, or theft, loss or destruction of, any or all of Equipment during the Equipment commencing as of the date of this Master Lease and continuing throughout the Lease Term lease term thereof and until such Equipment has been returned to Lessor or purchased by Lessee pursuant to any purchase option the provisions of this LeaseSections 17 or 19, whichever is applicable. Except as otherwise herein expressly provided, no such damage to, taking of or theft, loss or destruction of of, any Equipment Equipment, shall impair any obligation of Lessee to Lessor under this Lease, including, without limitation, the obligation to pay Basic Rent. (b) In the event that any item of Equipment shall become damaged from any cause whatsoever, Lessee agrees to promptly notify Lessor in writing of such fact, fully informing Lessor of the details thereofrent. If any item of Equipment is damaged (unless the same, in the opinion of Lessor is irreparably damaged, in which case the provisions of this Lease with respect to a Casualty Occurrence shall apply), Lessee shall, at its sole cost and expense, place the same in good repair, condition and working order or replace the same with "like property" having the same value and operating capabilities and useful life at least equal to the damaged Equipment prior to the date of such damage, which property shall thereupon become subject to this Lease with title thereto in Lessor. In the event that an item of Equipment has been damaged, but not irreparably, if no Event of Default has occurred and is continuing hereunder, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice therefor, Lessor shall release to Lessee or its supplier the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing, restoring or replacing such item. (c) In the event that any item of Equipment shall become lost, stolen, destroyed or irreparably damaged from any cause whatsoever, or if any item of Equipment or Lessor's title thereto shall be requisitioned or seized by any governmental authority (each such occurrence being herein hereinafter called a "Casualty Occurrence") during the Lease Term lease term of such item and until it such item has been returned to Lessor pursuant to in accordance with the provisions of this Lease Section 17 or until the Equipment 19 hereof, whichever is purchased by Lessee pursuant to any purchase option provisions of this Leaseapplicable, Lessee shall promptly notify Lessor in writing of such fact, fully informing Lessor of all details of with respect thereto (including the identifying number or numbers thereof) and shall, within thirty (30) days after such Casualty Occurrence in questionOccurrence, and shall pay Lessor in cash an amount equal to the greater sum of (i) the "Stipulated Loss Value" as set forth in accrued rent payable for such item from the Table date of Stipulated Loss Values attached such Casualty Occurrence up to and including the date of such payment, plus (ii) an amount equal to the Rental Schedule pursuant to which Full Replacement Cost, as hereinafter defined, of such item of Equipment is leased hereunder, calculated as of the date of the such Casualty Occurrence. Upon the making of such payment by Lessee in respect to any item of Equipment, or then, at the option of Lessor, either (iia) the Fair Market Value (as hereinafter defined) of the rent for such item of Equipment in question shall cease to accrue as of the date of such payment, the Casualty Occurrence. This payment lease term of such item shall terminate, and all of Lessor's title to and rights in such item shall automatically pass to Lessee, or (b) Lessor will replace such item of Equipment with another item of like kind, and such replacement item shall be made within 30 days following leased hereunder by Lessee for the then remaining lease term (plus any permitted extensions thereof) of the original item that sustained a Casualty Occurrence, together with and for the Basic Rent accrued same monthly rent as for such original item, and unpaid subject to all of the other terms and conditions of this Lease. If the Full Replacement Cost has already been paid by Lessee then Lessor shall reimburse Lessee for the difference between the Full Replacement Cost and the actual cost to Lessor to replace such item of Equipment otherwise such actual cost of replacing an item of Equipment will continue to be owed by Lessee to Lessor and shall be immediately due and payable. Any insurance proceeds received as the result of a Casualty Occurrence with respect to an item of Equipment shall be applied first in reduction of any then unpaid obligation of Lessee to Lessor hereunder and secondly in reduction of Lessee's obligation to pay the Full Replacement Cost or the actual cost of replacement whichever is applicable for such item, plus the full amount of any purchase option price given to Lessee herein or in any document related to this transaction, if not already paid by Lessee to Lessor, or, if already paid by Lessee, to the reimbursement of Lessee for its payment of such Full Replacement Cost, or the actual cost of replacement whichever is applicable, and the balance of the insurance proceeds, if any, shall be paid to Lessee, if Lessee is not then in default hereunder. In the event that an item of Equipment has been damaged, but not irreparably, Lessor shall, if no Event of Default has occurred and is continuing hereunder, release to Lessee the proceeds of any insurance received by Lessor as a result of such damage for the purpose of reimbursing Lessee for the costs of repairing or restoring such item, upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair or restoration has been completed, and an invoice therefor. The Full Replacement Cost of an item of Equipment means, as of any date, an amount equal to what the replacement cost to Lessor of such item would be on such date which shall be at least equal to the remaining monthly rental payments due under the Lease for such item of Equipment. Upon payment by Lessee of the Full Replacement Cost or the actual replacement cost to Lessor as cited above of an item of Equipment resulting from Casualty Occurrence, plus all Additional Rent or amounts owing with respect Lessor shall apply such payment to such Equipment on such date the monthly rental payments in the inverse order of paymentmaturity.