Loss of or Damage to Equipment. You are responsible for loss, damage or destruction of the Equipment, including but not limited to losses while in transit, while loading and unloading, while at any and all locations, while in storage, while on Your premises, and while being used by You in any manner whatsoever, except that You are not responsible for damage to or loss of the Equipment caused by Our sole negligence or willful misconduct. You are also responsible for actual and verifiable loss of use and You shall fully compensate Us for the loss of use of the Equipment during the time it is being repaired or replaced, as applicable.
Loss of or Damage to Equipment. Lessee hereby assumes and shall bear the risk of loss for destruction of or damage to the Equipment from any and every cause whatsoever, whether or not insured, until the Equipment is returned to Lessor. No such loss or damage shall impair any obligation of Lessee under this Agreement, which shall continue in full force and effect. In event of damage to or theft, loss or destruction of the Equipment (or any item thereof), Lessee shall promptly notify Lessor in writing of such fact and of all details with respect thereto, and shall, within thirty (30) days of such event, at Lessee’s option, (a) place the same in good repair, condition and working order, (b) at Lessee’s expense, dispose of any Equipment in accordance with Applicable Law, substitute such Equipment (or any item thereof) with equipment of equivalent or superior manufacture, make, model and features, unless this option is expressly prohibited in the Lease related to such Equipment, in good repair, condition and working order and transfer clear title to such replacement property to Lessor whereupon such property shall be subject to this Agreement and the applicable other Lease Documents and be deemed Equipment for purposes hereof and thereof, or (c) pay Lessor an amount equal to the sum of (i) all Rent accrued but unpaid to the date of such payment, plus (ii) the then “Termination Value” of the Equipment as set forth in attachment #3 to each Lease (the “Termination Value”), whereupon such Lease shall terminate, subject to Section 22, solely with respect to the Equipment (or any item thereof) for which such payment is received by Lessor. Any insurance proceeds received with respect to the Equipment (or any item thereof) shall be applied, in the event option (c) is elected, in reduction of the then unpaid obligations, including the Termination Value, of Lessee to Lessor, if not already paid by Lessee, or, if already paid by Lessee, to reimburse Lessee for such payment, or, in the event option (a) or (b) is elected, to reimburse Lessee for the costs of repairing, restoring or replacing the Equipment (or any item thereof) upon receipt by Lessor of evidence, satisfactory to Lessor, that such repair, restoration or replacement has been completed, and an invoice has been provided therefor.
Loss of or Damage to Equipment. (a) Lessee shall bear the entire risk of loss, theft, destruction, disappearance of or damage to any and all Items of Equipment ("Loss or Damage") from any cause whatsoever during the Term hereof until the Equipment is returned to Lessor in accordance with Section 13 hereof. No Loss or Damage shall relieve Lessee of the obligation to pay Rent or of any other obligation under this Lease.
(b) In the event of Loss or Damage to any Item of Equipment, Lessee, at the option of Lessor, shall within thirty (30) days following such Loss or Damage:
(1) place such Item of Equipment in good condition and repair, in accordance with the terms hereof; (2) replace such Item of Equipment with replacement equipment (acceptable to Lessor) in as good condition and repair, and with the same value, remaining useful economic life and utility, as such replaced Item of Equipment immediately preceding the Loss or Damage (assuming that such replaced Item of Equipment is the condition required by this Lease), which replacement equipment shall be free and clear of all Liens; or (3) pay to Lessor the sum of (i) all Rent due and owing hereunder with respect to such Item of Equipment (at the time of such payment) plus (ii) the Stipulated Loss Value as of the Rent Payment Date next following the date of such Loss or Damage with respect to such Item of Equipment, as set forth on the Schedule applicable thereto. Upon Lessor's receipt of the payment required under subsection (3) above, Lessee shall be entitled to Lessor's interest in such Item of Equipment, in its then condition and location, "as is" and "where is", without any warranties, express or implied. If Lessee replaces the Item of Equipment pursuant to subsection (b) above, title to such replacement equipment shall immediately (and without further act) vest in Lessor and thereupon shall be deemed to constitute Items of Equipment and be fully subject to this Lease as if originally leased hereunder. If Lessee fails to either restore or replace the Item of Equipment pursuant to subsection (1) or (2) above, respectively, Lessee shall make the payment under subsection (3) above.
Loss of or Damage to Equipment. You are responsible for loss, damage or destruction of the Equipment in your care, custody or control, including but not limited to losses while in transit, while loading and unloading, while at any and all locations, while in Your storage, while on Your premises, and while being used by You in any manner whatsoever, including damage or destruction of the Equipment caused by the active or passive negligence of Us, except that You are not responsible for damage to or loss of the Equipment caused by Our sole negligence or willful misconduct. If by agreement, We deliver or pick up rented equipment to or from You, You shall be responsible for all loss and/or damages to the equipment from time of delivery until equipment is actually picked up and/or returned to our facility. Acceptance of the return of the rented equipment does not waive claims against renter for latent or hidden damage to equipment. You are also responsible for actual and verifiable loss of use and You shall fully compensate Us for the loss of use of the Equipment during the time it is being repaired or replaced, as applicable.
Loss of or Damage to Equipment. (a) In the event of Loss or Damage to any Item of Equipment, Borrower shall immediately notify KCL of same and, at the option of KCL, as specified in a notice from KCL to Borrower, Borrower shall within thirty (30) days following such Loss or Damage:
(1) place such Item of Equipment in good condition and repair, in accordance with the terms hereof; (2) replace such Item of Equipment with replacement equipment (acceptable to KCL) in as good condition and repair, and with the same or better fair market value a such replaced Item of Equipment immediately preceding the Loss or Damage (assuming that such replaced Item of Equipment was in the condition required by this Agreement), which replacement equipment shall immediately, and without further act, be deemed to constitute Items of Equipment and be fully subject to this Agreement and the security interest granted to KCL as if originally pledged as Collateral hereunder and shall be free and clear of all Liens; or (3) pay to KCL any unpaid Installments and other charges due prior to the payment date specified in such notice plus an amount, with respect to an Item of Equipment, equal to the pro rata portion of the Installments attributable to such Item of Equipment under the Loan Documents after discounting such Installments to present worth as of the payment date specified in such notice on the basis of a per annum rate of discount equal to three percent (3%) from the respective dates upon which such Installments would have been paid but for the operation of this clause, together with interest on such amount at the Default Rate from the payment date specified in such notice to the date of actual payment.
(b) Upon KCL's receipt of the payment required under clause (3) above, KCL shall release its security interest in such Item of Equipment. If Borrower fails to either restore or replace the Item of Equipment pursuant to clauses (1) or (2) above, respectively, Borrower shall make the payment under clause (3) above.
Loss of or Damage to Equipment. Once the Equipment is in your complete custody and control, you are responsible for loss, damage or destruction of the Equipment that results from your negligence or willful misconduct, including but not limited to losses while in transit by you, while loading and unloading by you, while at any and all of your locations, while in storage by you and while on your premises, except that you are not responsible for damage to or loss of the Equipment caused by our negligence or willful misconduct or a defect in the Equipment. You are also responsible for “loss of use” and you shall fully compensate us for the “loss of use” of the Equipment during the time it is being repaired or replaced if such repair or replacement is due to the negligence or willful misconduct on your part.
Loss of or Damage to Equipment. 49.1 Subject to Clause 47.9, the Equipment is at the sole risk and expense of the Customer at all times during the Hire Period (including whilst in transit to or from the Supplier’s Kalgoorlie premises) and the Customer will indemnify and keep indemnified the Supplier against all loss or damage to the Equipment from whatever cause sustained during the Hire Period or any extension thereof, and will indemnify the Supplier against all damages, claims, costs and charges arising from the relation to the loss of use, operation or keeping of the Equipment in such circumstances.
49.2 The amount of the indemnity payable by the Customer to the Supplier pursuant to the previous paragraph will include but not to be limited to:
(a) in the case of loss of or irreparable damage to the Equipment, an amount equal to the current cost to replace and reinstate the Equipment in the hands of the Supplier; or
(b) in the case of other damage to the Equipment, the cost of all repairs including freight and other charges and expenses in the connection with repairing the damage; and
(c) any loss (including legal costs) incurred by the Supplier in connection with such loss or damage to the Equipment and any liability arising out of that loss or damage and all such amounts are due and payable immediately upon demand by the Supplier.
49.3 Until the Customer has paid to the Supplier the full amount of all the loss or damage to the Equipment in accordance with the preceding paragraph, the Customer must continue to pay the Supplier the Charges payable under this agreement without deduction.
49.4 The Supplier will pursue a claim for any available insurance to the extent reasonably possible and, if successful, the Customer’s obligation to indemnify the Supplier in respect of such loss or damage shall be reduced accordingly.
Loss of or Damage to Equipment. The Lessee shall indemnify and hold harmless the Lessor against all loss and damage to the Equipment during the rental period and the appraisal for any such loss or damage shall be based on the replacement cost of Equipment without deduction or depreciation. The Lessee will be liable for all resulting loss or damage to the Equipment and expense of the Lessor, to the extent it: (i) results from the gross negligence of the Lessee which included, but is not limited to, the use or operation of the Equipment in a reckless or abusive manner, or intentional damage to the Equipment by the Lessee or by the Lessee’s permission, or
Loss of or Damage to Equipment. You are responsible for loss, damage or destruction of the Equipment during the period of your use and possession following delivery to you of the Equipment and Your acceptance of the Equipment, (i) but not including losses while in transit, while loading and unloading, while at any and all locations before your acceptance or while in storage until delivered to You and accepted by You. You are responsible for loss, damage or destruction of the Equipment after delivery and acceptance, and while on your premises, except that you are not responsible for damage to or loss of the Equipment to the extent caused by our negligence or willful misconduct.
Loss of or Damage to Equipment. 11.1 If the Equipment or any item or items of the Equipment (the "Affected Equipment") are lost, stolen or damaged beyond economic repair, you must immediately notify us and within five (5) Business Days of such notification, you must pay to us:
(a) the amount which we notify you is the Early Termination Amount referable to the Affected Equipment that would have been payable had the rental to you of the Affected Equipment terminated under clause 14.1, calculated as at the date of our notification to you; plus
(b) the Residual Value of the Affected Equipment being C x (1-(Y x D)), where: C = $150.00 NZD excluding GST Y = Period in years, including parts thereof, from the Commencement Date to the date of our notification to you D = Depreciation which is 6.67% per annum
11.2 If you make payment in accordance with clause 11.1, then, upon our receipt of the amount payable by you under clause 11.1 in respect of the Affected Equipment:
(a) the renting to you of the Affected Equipment shall terminate;
(b) the renting of any remaining item or items of the Equipment will continue with new Rental Payments applying as from the next due date for a Rental Payment, being the Rental Payments otherwise payable less the proportion of the Rental Payments which we calculate was payable in respect of the Affected Equipment; and
(c) we will make a pro-rata adjustment to any Rental Payments already paid in respect of the Affected Equipment for the period from receipt of the payment referred to in clause 11.1 to the next date on which a Rental Payment falls due.
