Loss or Destruction Sample Clauses

Loss or Destruction. (a) Event of Loss with Respect to the Aircraft. Upon the occurrence of any Event of Loss with respect to the Aircraft, Lessee shall notify Lessor of any such Event of Loss within five (5) days of the date thereof. On the next Basic Rent Date following the date of such notice (or, if such Event of Loss occurs after the Last Basic Rent Date, within thirty (30) days after such notice), Lessee shall pay to Lessor any Rent then due, plus the Casualty Value of the Aircraft determined as of the Basic Rent Date immediately following the date of such Event of Loss, together with interest at the Late Payment Rate for the period (if any) from the Basic Rent Date following the date of such notice through the date of payment. Upon making such payment and all Rent due and owing, Lessee's obligation to pay further Basic Rent for the Aircraft subsequent to such payment shall cease, but Lessee's obligation to pay Supplemental Rent as well as any other amounts due under this Lease, if any, for the Aircraft shall remain unchanged. Except in the case of loss, permanent disappearance, destruction or Return to Manufacturer, Lessor shall be entitled to recover possession of the Aircraft, unless possession thereof is required to be delivered to a third party insurance carrier in order to settle an insurance claim. Lessor shall be entitled to any salvage value in excess of the Casualty Value paid to Lessor. Lessor shall be under no duty to Lessee to pursue any claim against any Person in connection with an Event of Loss, but Lessee may at its own cost and expense and with Lessor's prior written consent pursue the same on behalf of Lessor in such manner as may be acceptable to Lessor. Following the payment of the Casualty Value of the Aircraft in accordance with the provisions of this subsection, Lessee, if possible, shall, as agent for Lessor, dispose of the Aircraft as soon as it is able to do so for the best price obtainable. Any such disposition shall be on an AS-IS, WHERE-IS BASIS WITHOUT ANY REPRESENTATION BY, OR RECOURSE OR WARRANTY TO, LESSOR, of any kind whatsoever. Lessee may, after paying Lessor the amounts specified in this subsection, retain all amounts of such price up to the Casualty Value of the Aircraft actually paid by Lessee, together with Lessee's reasonable costs and expenses of disposition attributable thereto and any excess shall be paid over to, and retained by, Lessor. In the event of a Return to Manufacturer, Lessor agrees that Lessee shall receive and ret...

Loss or Destruction. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Option Certificate and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement or bond satisfactory in form, substance and amount to the Company or, in the case of any such mutilation, upon surrender and cancellation of this Option Certificate, the Company at its expense will execute and deliver, in lieu thereof, a new Option Certificate of like tenor.

Loss or Destruction. Sellers shall continue to own and operate the Offices until the Closing Date. Sellers shall assume all risk of loss, destruction, or damage due to fire or other casualty until such date. Purchaser shall have the right to cancel this Agreement if the Offices are interrupted prior to said date by loss, destruction, or damage due to fire or other casualty. If Purchaser does not exercise its right to cancel, as stated herein, Purchaser shall take the Assets in the existing condition, together with any insurance proceeds payable by virtue of such loss or damage.

Loss or Destruction. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company and its counsel, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

Loss or Destruction. In the event the premises covered by this Lease are wholly or partially destroyed or damaged so as to render the whole or a substantial part thereof unfit for occupancy, and the same cannot be repaired with reasonable diligence within one hundred twenty (120) days after the happening of such destruction or damage, then this Lease, at the option of the Lessor, shall cease and terminate as of the date of such destruction or damage. Upon such termination, Lessor shall repay the Lessee any rent theretofore paid by ▇▇▇▇▇▇ with respect to any period subsequent to the date of such termination, and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ shall surrender possession of the premises to Lessor in an acceptable condition. If such destruction or damage can be repaired within one hundred twenty (120) days, Lessee shall forthwith repair the same with all reasonable diligence, and at ▇▇▇▇▇▇’s own expense, and the Lease shall continue in force and effect. If the hangar cannot be repaired within one hundred twenty (120) days, then the Lessee shall remove the remaining structure and improvements from the leased premises within sixty (60) days.

Loss or Destruction. As of the related Cutoff Date, no Financed Vehicle related to a Receivable has been the subject of a total loss or destruction.

Loss or Destruction. If any of the cars shall be completely destroyed, or if the physical condition of any car shall become such that the car cannot be operated in railroad service, as determined by the parties, then Lessor may, at its option, cancel the related Lease as to such car as of the date on which such event occurred, or may substitute another car within a reasonable period of time. Lessee shall notify Lessor of the occurrence of any such event within two (2) days of such event. In the event of such substitution, the substituted car shall be held pursuant to all the terms and conditions of the related Lease as was the car for which it substituted. Without limiting the foregoing, Lessee agrees that if a car is lost or destroyed or is in such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Lessee or its consignee, agent or sublessee or while on a railroad that does not subscribe to the Interchange Rules or while on any private siding or track or any private or industrial railroad, Lessee will pay Lessor, in cash, the settlement value of such car as determined by Rule #107 of the Interchange Rules within ten (10) days following a request by Lessor for such payment. Lessor and Lessee shall cooperate with and assist each other in any reasonable manner requested, but without affecting their respective obligations under this Article or Article 20, to establish proper claims against parties responsible for the loss of, destruction of or damage to the cars.

Loss or Destruction. If any of the cars shall be completely destroyed, or if the physical condition of any car shall become such that the car cannot be operated in railroad service, as determined by the parties, then Lessor may, at its option, cancel this Lease as to such car as of the date on which such event occurred, or may substitute another car within a reasonable period of time. Lessee shall notify Lessor of the occurrence of any such event within two (2) days of such event. In the event of such substitution, the substituted car shall be held pursuant to all the terms and conditions of this Lease. Lessee agrees that if a car is lost or destroyed or is in such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Lessee or its consignee, agent or sublessee or while on a railroad that does not subscribe to the AAR Interchange Rules or while on any private siding or track or any private or industrial railroad, Lessee will pay Lessor, in cash, the settlement value of such car as determined by Rule #107 of the AAR Interchange Rules within ten (10) days following a request by Lessor for such payment. Lessor and Lessee shall cooperate with and assist each other in any reasonable manner requested, but without affecting their respective obligations under this Article or Article 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the cars.

Loss or Destruction. Requisition of Use --------------------------------------- (a) Event of Loss with Respect to the Aircraft. Upon the occurrence ----- -- ---- ---- ------- -- --- -------- of an Event or Loss with respect to the Airframe, or any Engine (whether or not then installed on such Airframe), Lessee shall notify Lessor thereof within fifteen (15) days of the date thereof. On the Basic Rent Date next following the date of an Event of Loss with respect to the Airframe or the Airframe and any Engines (or, if such Event of Loss occurs less than thirty (30) days prior to the next Basic Rent Date within thirty (30) days after such Event of Loss), Lessee shall pay to Lessor an amount ("Event of Loss Payment") equal to the Casualty Value of the Aircraft determined as of the date set forth in the Casualty Value schedule which is the date, or which immediately precedes the date, as the case may be, of the Event of Loss, together with any Rent then due, prorated to the date of payment, plus interest, if any, on such sum as provided in Section 3(c)(iii) from the date due to the date of payment. Upon making such Casualty Value payment in respect thereto and paying all Rent due and owing with respect thereto, Lessee's obligation to pay further Basic Rent for the Aircraft for the period commencing subsequent to such Event of Loss shall cease, but Lessee's obligation to pay Supplemental Rent, if any, for the Aircraft shall remain unchanged. Following Payment of the Event of Loss payment in accordance with the provisions of this Section 13(a), Lessor shall transfer title to the Airframe and the Engines (whether or not then installed on the Airframe) to Lessee unless title thereto is required to be conveyed to an insurance carrier in order to settle an insurance claim relating to the Event of Loss giving rise to such payment. Such transfer shall furthermore be made in accordance with the provisions of Section 22(h). Following such transfer, Lessee shall have the right to receive any and all amounts payable by all Persons in respect of the Aircraft and the Engines and shall be entitled to recover possession of the Aircraft unless possession thereof is required to be delivered to an insurance carrier in order to settle an insurance claim relating to the Event of Loss. Lessor shall also return to Lessee unearned Basic Rent (that portion of Basic Rent paid by Lessee for the period following the date the Casualty Value is received by Lessor to the next Basic Rent Date, if any). With respe...