Common use of LOSS; DESTRUCTION; OR DAMAGE Clause in Contracts

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1) prior to the occurrence of an Event of Default, at Borrower's option, shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2) during the continuance of an Event of Default, on or before the next Payment Date following such Event of Loss, for each such item of Financed Equipment subject to such Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding Regularly Scheduled Payments (including principal plus unpaid accrued and interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall Borrowers will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "“Event of Loss"”), then in each case, BorrowerBorrowers: (1a) prior to the occurrence of an Event of Default, at Borrower's Borrowers’ option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallBorrowers will, at Bank's ’s option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding Regularly Scheduled Payments (including principal plus unpaid accrued and interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower Borrowers the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment, each with respect to such item of Financed Equipment subject to an Event of Loss; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following such Event of Loss, . for each such item of Financed Equipment subject to such Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued and unpaid Scheduled Payments (interest with respect to such item of Financed Equipment Advance related subject to the an Event of Loss) due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment with respect to such item of Financed Equipment subject to an Event of Loss, plus (iviii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall will (i) pay to Bank on account of the Obligations (with respect to the Financed Equipment subject to the Event of Loss) all accrued unpaid interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: of (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding Regularly Scheduled Payments (including principal plus unpaid accrued and interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Paymentin accordance with subsection (b) below; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest)a prepayment in an amount equal to the Stipulated Loss Value, (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment Collateral being lost, stolen, destroyed, or damaged. If any item of Collateral is lost, stolen, destroyed, or damaged, then Borrower will pay Bank an amount equal to the sum of (i) all accrued and unpaid Scheduled Payments due prior to the next such Payment Date and (ii) a prepayment in an amount equal to the Stipulated Loan Value as to such Collateral. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, 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 term of this Agreement (an "Event of Loss"), then in each casecase Bank will receive from the proceeds of insurance maintained pursuant to Section 6, Borrower: (1) prior from any award paid by the seizing governmental authority or, to the occurrence extent not received from the proceeds of an Event of Defaultinsurance or award or both, at from Borrower's option, shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2) during the continuance of an Event of Default, on or before the next Payment Date following next succeeding such Event of Loss, Loss for each such item of Financed Equipment subject to such an Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) Loan due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest), a prepayment in an amount equal to the Stipulated Loss Value and (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) . On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. Any proceeds of insurance maintained by Borrower pursuant to this Section and received by Borrower will be paid to Bank, 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, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "“Event of Loss"”), then in each case, Borrower: (1a) prior Prior to the occurrence of an Event of Default, at Borrower's ’s option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, principal plus the Final Payment, in each case with respect to such Financial Equipment related to the Event of Loss; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during During the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's ’s option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Equipment Payments (with respect to such Financed Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding Regularly Scheduled Equipment Payments (including principal plus unpaid accrued and interest), (iii) the Final Payment Payment, plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this SectionSection 6.5, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "“Event of Loss"”), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's ’s option, shall will (i) pay to Bank on account of the Obligations all Committed Equipment Line the pro-rata portion of accrued interest to the date of the prepayment, plus all outstanding principalprepayment on the portion of such Equipment subject to an Event of Loss, plus the pro rata portion of the outstanding principal balance of such Equipment subject to an Event of Loss, plus the pro rata Final PaymentPayment with respect to such Equipment Advance; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's ’s option, pay to Bank an amount equal to the sum of: (i) all the pro-rata portion of accrued and unpaid Scheduled Payments interest to date of the prepayment on the portion of such Equipment subject to an Event of Loss, plus (ii) the pro rata portion of the outstanding principal balance of such Equipment subject to an Event of Loss, plus (iii) the pro rate Final Payment with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment DateAdvance, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "“Event of Loss"”), then in each case, Borrower: (1a) prior Prior to the occurrence of an Event of Default, at Borrower's ’s option, shall will (i) pay to Bank on account of the Obligations with respect to each item of Financed Equipment subject to such Event of Loss all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during During the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's ’s option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding Regularly Scheduled Payments (including principal plus unpaid accrued and interest), plus (iii) the Final Payment plus (iv) all other sumssums (other than remaining Scheduled Payments), if any, that shall have become due and payablepayable with respect to such Equipment Advance, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this SectionSection 6.6, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, lost stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: Borrower (1a) prior to the occurrence of an Event of Default, at Borrower's Borrowers option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, prepayment plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. Equipment (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: . (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding Regularly Scheduled Payments (including principal plus unpaid accrued and interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "“Event of Loss"”), then in each case, Borrower: (1a) prior Prior to the occurrence of an Event of Default, at Borrower's ’s option, shall will (i) pay to Bank on account of the Obligations with respect to each item of Financed Equipment subject to such Event of Loss all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during During the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's ’s option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance or Equipment Facility 2 Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding regularly Scheduled Payments (including principal plus unpaid accrued and interest), plus (iii) the Final Payment plus (iv) all other sumssums (other than remaining Scheduled Payments), if any, that shall have become due and payablepayable with respect to such Equipment Advance or Equipment Facility 2 Advance, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this SectionSection 6.6, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: (i) all outstanding principal and accrued and unpaid Scheduled Payments interest (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, destroyed or damaged. If If, during the term of this Agreement Agreement, any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior Prior to the occurrence of an Event of Default, at Borrower's option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, prepaymemt. plus all outstanding principal, plus the Final Payment; : or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during During the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) ), due prior to the next such Payment Date, (ii) all outstanding regularly Scheduled Payments (including principal plus unpaid accrued and interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence and continuance of an Event of Default, at Borrower's option, shall (i) pay to Bank on account of the Obligations (with respect to such Equipment Advance related to an Event of Loss) all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first firm priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following such Event of Loss, for each such item of Financed Equipment subject to such Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Dateinterest, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (iviii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate from the date of an Event of Default with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "“Event of Loss"”), then in each case, Borrower: (1a) prior Prior to the occurrence of an Event of Default, at Borrower's ’s option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during During the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's ’s option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment DateDate due prior to the date of such payment, (ii) all outstanding regularly Scheduled Payments (including principal and interest) due after to the date of such payment, plus unpaid accrued interest), (iii) the Final Payment plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall will bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior Prior to the occurrence of an Event of Default, at Borrower's option, shall will (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. Bank agrees that during the entire term of this Agreement considered on an aggregate and joint basis and with respect to an Event of Loss regarding items of Financed Equipment having an aggregate initial financed value of $10,000 or less (i.e., $10,000 in the aggregate for the entire duration of this Agreement), Borrower shall not be required to treat such occurrences as an Event of Loss under this clause (a) only, and Borrower shall therefore be allowed to proceed to make payments on the Equipment Advance relating to such items in an unaccelerated manner. The foregoing is an exception to the general obligation of Borrower regarding Events of Loss as otherwise set forth herein and is limited to the specific terms and provisions relating thereto as set forth herein. (2b) during During the continuance of an Event of Default, on or before the next Payment Date following after such Event of Loss, Loss for each such item of Financed Equipment subject to such Event of Loss, Borrower shallwill, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment DateDate due prior to the date of such payment, (ii) all outstanding regularly Scheduled Payments (including principal plus unpaid accrued and interest)) due after to the date of such payment, (iii) the Final Payment Payment, (iv) such additional sums as are set forth in section 2.2 hereof, plus (ivv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3c) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following such Event of Loss, for each such item of Financed Equipment subject to such Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (ivii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final Payment; or (ii) repair or replace any Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following such Event of Loss, for each such item of Financed Equipment subject to such Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum of: (i) all accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Date, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (ivii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.

LOSS; DESTRUCTION; OR DAMAGE. Borrower shall bear the risk of the Financed Equipment being lost, stolen, destroyed, or damaged. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an "Event of Loss"), then in each case, Borrower: (1a) prior to the occurrence of an Event of Default, at Borrower's option, shall (i) pay to Bank on account of the Obligations all accrued interest to the date of the prepayment, plus all outstanding principal, plus the Final PaymentPayment with respect to the Financed Equipment that suffered an Event of Loss; or (ii) repair or replace any such Financed Equipment subject to an Event of Loss provided the repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to an Event of Loss and provided further that Bank has obtains a first priority perfected security interest in such repaired or replaced Financed Equipment. (2b) during the continuance of an Event of Default, on or before the next Payment Date following such Event of Loss, for each such item of Financed Equipment subject to such Event of Loss, Borrower shall, at Bank's option, pay to Bank an amount equal to the sum ofof the following with respect to the Financed Equipment subject to the Event of Loss: (i) all outstanding principal plus accrued and unpaid Scheduled Payments (with respect to such Equipment Advance related to the Event of Loss) due prior to the next such Payment Dateinterest, (ii) all outstanding principal plus unpaid accrued interest), (iii) the Final Payment plus (iviii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. (3) On the date of receipt by Bank of the amount specified above with respect to each such item of Financed Equipment subject to an Event of Loss, this Agreement shall terminate as to such Financed Equipment. If any proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section, Bank shall promptly remit to Borrower the amount in excess of the amount owed to Bank.