Common use of Loss or Damage Clause in Contracts

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a ▇▇▇▇ of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for the Lost Equipment but no more than 180 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender reasonably determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss that substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens Liens, convey to Lender a security interest in such replacement equipment, and deliver to Lender a ▇▇▇▇ of sale covering such documents to evidence such conveyance and the replacement equipmentInternational Interest and shall make such filings and registrations with the FAA and the International Registry (and hereby consents to such registrations with the International Registry) with respect thereto as Lender requests, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date that is at least 30 days but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus 102% of the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords which shall not be considered a penalty. . Upon payment by Borrower of all amounts due under the above clause (2), the all security interest interests of the Lender in the Lost Equipment Equipment, including those under the International Registry, will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a ▇▇▇▇ of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender reasonably determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss that substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens Liens, convey to Lender a security interest in such replacement equipment, and deliver to Lender a ▇▇▇▇ of sale covering such documents to evidence such conveyance and the replacement equipmentInternational Interest and shall make such filings and registrations with the FAA and the International Registry (and hereby consents to such registrations with the International Registry) with respect thereto as Lender requests, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date that is at least 30 days but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus 102% of the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords which shall not be considered a penalty. Upon payment by Borrower of all amounts due under the above clause (2), the all security interest interests of the Lender in the Lost Equipment Equipment, including those under the International Registry, will terminate.

Loss or Damage. Borrower bears Lessee agrees to assume and bear the entire risk of any partial or complete loss with respect to the Equipment from any and every cause whatsoever including theft, loss, theftdamage, destruction or governmental taking, whether or not such loss is covered by insurance or caused by any default or neglect of Lessee. Lessee agrees to give Lessor prompt notice of any damage to or destruction loss of any Equipment, and unless such loss constitutes an Event of Loss, Lessee shall promptly cause the affected part or parts of the Equipment to be replaced or restored as required by Section 6 hereof. If any item of Equipment is lost, totally destroyed, damaged beyond repair (as determined by Lessee in whole its reasonable judgment, subject to Lessor's approval) or taken by governmental action (an "Event of Loss"), Lessee shall promptly give Lessor written notice thereof, and Lessee shall pay to Lessor within thirty days (the "Loss Payment Date") of said Event of Loss an amount equal to the sum of (i) the Stipulated Loss Value of such item of Equipment computed as of the rent payment date with respect to such item of Equipment on or immediately preceding the date of such Event of Loss; and (ii) all rent and other amounts due and owing hereunder for such item of Equipment on or prior to the Loss Payment Date. Upon payment of such amount to Lessor, the lease of such item of Equipment hereunder shall terminate, and Lessor will transfer to Lessee, Lessor's right, title and interest in part from and to such item of Equipment, on an "as-is, where-is" basis, without recourse and without representation or warranty, express or implied, other than a warranty that the Equipment is free and clear of any reason whatsoever (“Casualty Loss”)liens created by Lessor. No Casualty "Stipulated Loss to Equipment Value" shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss mean, with respect to any item of Equipment, Borrower the amount determined by multiplying the total amount paid by Lessor for such item of Equipment, which amount shall be set forth in the applicable Supplement (the "Lessor's Cost") by the percentage set forth in Schedule A to such Supplement opposite the applicable rent payment date. Except as expressly provided in the immediately notify Lender preceding paragraph, the total or partial destruction of any Equipment or the total or partial loss of use or possession thereof to Lessee shall not release or relieve Lessee from the duty to pay the rent herein provided, however Lessor shall, upon receiving satisfactory evidence of restoration of the same and Borrower shallEquipment, if so directed by Lender, immediately repair promptly pay Lessee the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt proceeds of any insurance proceeds for or compensation received by reason of such damage. Lessor shall not be obligated to undertake by litigation or otherwise the Lost Equipment replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear collection of any Liens and deliver claim against any person for loss or damage to Lender a ▇▇▇▇ of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for the Lost Equipment but no more than 180 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminateEquipment.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“"Casualty Loss”"). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender reasonably determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss that substantially and permanently reduces the fair market value of the Equipment (“"Lost Equipment”"), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens Liens, convey to Lender a security interest in such replacement equipment, and deliver to Lender a ▇▇▇▇ of sale covering such documents to evidence such conveyance and the replacement equipmentInternational Interest and shall make such filings and registrations with the FAA and the International Registry (and hereby consents to such registrations with the International Registry) with respect thereto as Lender requests, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date that is at least 30 days but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s 's records. Upon payment by Borrower of all amounts due under the above clause (2), the all security interest interests of the Lender in the Lost Equipment Equipment, including those under the International Registry, will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lenderits option, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a ▇▇▇▇ of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such of the Note associated with the Lost Equipment as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords and a Break Funding Charge (as defined in Section 20 below). Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminateterminate and Lender shall prepare and deliver to Borrower a revised installment payment schedule to the Note that takes into account such partial prepayment of principal.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a ▇▇▇▇ of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such of the Note associated with the Lost Equipment as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords and a Breakfunding Charge. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminateterminate and Lender shall prepare and deliver to Borrower a revised installment payment schedule to the Note that takes into account such partial prepayment of principal.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a ▇▇▇▇ of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for the Lost Equipment but no more than 180 120 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“"Casualty Loss”"). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“"Lost Equipment”"), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a ▇▇▇▇ bill of sale covering the replacement equipment, in which event such replacement ▇▇▇lacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s 's records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.