Common use of Loss of Equipment Clause in Contracts

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS") after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to a common carrier for shipment to Lessee. If an Unless the item is damaged and is reparable within a reasonable period of time in the judgment of Lessor (in which event Lessee shall promptly cause such item to be repaired and restored to the condition and value it had prior to such Event of Loss shall occur with respect to any item of EquipmentLoss, at its own cost and expense), Lessee shall promptly notify pay to Lessor thereof in writing. On on the rental Rent payment date following Lessor's receipt of such noticenotice (or, Lessee shall pay to Lessor if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasedate. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease, Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS") after it has been delivered to a common carrier for shipment to Lessee. If an Unless the item is damaged and is reparable within a reasonable period of time in the judgment of Lessor (in which event Lessee shall promptly cause such item to be repaired and restored to the condition and value it had prior to such Event of Loss shall occur with respect to any item of EquipmentLoss, at its own cost and expense), Lessee shall promptly notify pay to Lessor thereof in writing. On on the rental Rent payment date following Lessor's receipt of such noticenotice (or, Lessee shall pay to Lessor if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasedate. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease, Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit unlit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS"“Event of Loss”) after it has been delivered to a common carrier for shipment to Lessee. If an Event Unless the item is damaged and is reparable within a reasonable period of Loss shall occur with respect to any item time in the judgment of Equipment, Lessor (in which event Lessee shall promptly notify Lessor thereof in writing. On cause such item to be repaired and restored to the rental payment date following Lessor's receipt condition and value it had prior to such Event of such noticeLoss, at its own cost and expense), Lessee shall pay to Lessor oh the Rent payment date following Lessor’s receipt of such notice (or, if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasexxxx. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease. Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS"“Event of Loss”) after it has been delivered to a common carrier for shipment to Lessee. If an Event Unless the item is damaged and is reparable within a reasonable period of Loss shall occur with respect to any item time in the judgment of Equipment, Lessor (in which event Lessee shall promptly notify Lessor thereof in writing. On cause such item to be repaired and restored to the rental payment date following Lessor's receipt condition and value it had prior to such Event of such noticeLoss, at its own cost and expense), Lessee shall pay to Lessor on the Rent payment date following Lessor’s receipt of such notice (or, if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasedate. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS") after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS"“Event of Loss”) after it has been delivered to a common carrier for shipment to Lessee. If an Event Unless the item is damaged and is reparable within a reasonable period of Loss shall occur with respect to any item time in the judgment of Equipment, Lessor (in which event Lessee shall promptly notify Lessor thereof in writing. On cause such item to be repaired and restored to the rental payment date following Lessor's receipt condition and value it had prior to such Event of such noticeLoss, at its own cost and expense), Lessee shall pay to Lessor on the Rent payment date following Lessor’s receipt of such notice (or, if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasedate. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease, Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.

Loss of Equipment. Lessee Lessee,assumes the risk that, and shall bear the entire risk promptly notify: Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS"“Event of Loss”) after it has been delivered to a common carrier for shipment to Lessee. If an Event Unless the item is damaged and is reparable within a reasonable period of Loss shall occur with respect to any item time in the judgment of Equipment, Lessor (in which event Lessee shall promptly notify Lessor cause such item to be repaired and restored to the condition and value it had prior to such Event of Loss, at its own cost and expense; provided that Lessee need not make such repair if the cost thereof in writing. On would exceed the rental payment date following Lessor's receipt Casualty Value of such noticeitem of Equipment in which case the item of Equipment will be treated as having been destroyed), Lessee shall pay to Lessor on the Rent payment date following Lessor’s receipt of such notice (or, if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasedate. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease, Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to a common carrier for shipment to Lessee. If an Unless the item is damaged and is reparable within a reasonable period of time in the judgment of Lessor (in which event Lessee shall promptly cause such item to be repaired and restored to the condition and value it had prior to such Event of Loss shall occur with respect to any item of EquipmentLoss, at its own cost and expense), Lessee shall promptly notify pay to Lessor thereof in writing. On on the rental Rent payment date following Lessor's receipt of such noticenotice (or, Lessee shall pay to Lessor if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of such date; provided that prior to such date the date obligation of such Lessee to pay the Rent or other payments shall continue according to the regular Rent payment as set forth in such Leaseschedule. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease, Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.