Common use of Loss or Destruction Clause in Contracts

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). Lessee shall promptly, but in any event within ten (10) days of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("a) Event of Loss")Loss with Respect to the Aircraft. Upon the occurrence of any Event of Loss with respect to the Aircraft, Lessee shall promptly, but in notify Lessor of any event such Event of Loss within ten five (105) 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, give written notification to Lessor of said loss and together with interest at the facts pertaining thereto. In addition, within ten Late Payment Rate for the period (10if any) days of from the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor Basic Rent Date following the Termination Value of the Item and shall notify Lessor in writing date of such electionnotice through the date of payment. Should Lessee elect to replace Upon making such Item, any replacement Item shall be free payment and clear of all liens, encumbrances Rent due and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipmentowing, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on Basic Rent for the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect Aircraft subsequent to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental Supplemental Rent as well as any other amounts due under this Lease, if any, for all other Items of Equipment the Aircraft shall remain unchanged. After 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 Termination Valuedisposition 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 will transfer agrees that Lessee shall receive and retain all amounts payable to LesseeLessor by the Manufacturer up to the amount, without recourse or warrantyif any, all of Lessor's rightthe Casualty Value actually paid by Lessee hereunder, title and interest in and to such Item of Equipment suffering the Event of Loss.but any

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). , Lessee shall promptly, but in any event within ten (10) days of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. First Security Leasing Company of Nevada MASTER EQUIPMENT LEASE AGREEMENT Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased lease hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.

Loss or Destruction. (a) 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 Lessor, rental will cease as to such Car as of the date on which such event occurred. Lessor may cancel this Lease as to such Car as of the date on which such event occurred, or may substitute another Car reasonably acceptable to Lessee within a reasonable period of time. Lessee shall notify Lessor of the occurrence of any such event within three business days after learning of such event. In the event any Item of Equipment such substitution, the substituted Car shall be lostheld 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, stolenagent or Lessee 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, destroyedLessee will pay Lessor, damaged beyond repair in cash, the depreciated value of such Car as determined by Rule #107 of the Interchange Rules within 15 days following a request by Lessor for such payment. Any amount payable by Lessee to Lessor pursuant to this Section 12 shall be reduced by any amounts received by Lessor from any third party responsible for such loss, destruction or permanently rendered unfit for use for any reason whatsoever ("Event of Loss")damage. Lessee shall promptlybe subrogated to the rights of Lessor against any person to the extent that the actions or omissions of such person caused Lessee to incur liability under this Section 12, and Lessor shall cooperate fully with Lessee in its pursuit of these subrogation rights. Lessor and Lessee shall cooperate with and assist each other in any reasonable manner requested, but in without affecting their respective obligations under this Section 12 or Section 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the Cars. With respect to any event within ten (10) days Car for which Lessor has received payment from Lessee of the Event of Lossdepreciated value, give written notification to Lessor of said loss and the facts pertaining thereto. In additionshall, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost request, use commercially reasonable efforts to cause Equipment Lessor to execute and expense of; or (b) deliver to pay Lessee a bxxx of sale transferring to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such ItemLessee, any replacement Item shall be free and clear of all security interests and other liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Equipment Lessor's ’s right, title and interest in and to such Item Car, as well as all claims and rights Equipment Lessor may have against any manufacturer, supplier, vendor, repairer, Carrier or dealer of Equipment suffering the Event of Losssuch Car, and any part thereof.

Loss or Destruction. In the event any Item of Equipment shall be lost, stolen, destroyed, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever ("Event of Loss"). Lessee shall promptly, but in any event within ten (10) days of the Event of Loss, give written notification to Lessor of said loss and the facts pertaining thereto. In addition, within ten (10) days of the Event of Loss Lessee shall elect either: (a) to replace such Item of Equipment at Lessee's own cost and expense of; or (b) to pay to Lessor the Termination Value of the Item and shall notify Lessor in writing of such election. Should Lessee elect to replace such Item, any replacement Item shall be free and clear of all liens, encumbrances and rights of others and shall be of like kind and have substantially equal fair market value as the replaced Item, as if such replaced Item were in the condition and repair required to be maintained by the terms hereof. FIRST SECURITY BANK OF NEVADA MASTER EQUIPMENT LEASE AGREEMENT All such replacement Items shall become the property of Lessor and shall immediately become subject to this Agreement, and shall be deemed part of the Equipment for all purposes hereof, to the same extent as the property originally comprising the Equipment. Such replaced Item of Equipment shall no longer be deemed part of the Equipment leased hereunder, and Lessor will transfer to Lessee, without recourse or warranty all of Lessor's right, title and interest therein. In the event Lessee elects to replace such Item of Equipment, Lessee's obligation to pay Rental as set forth in this Lease Agreement shall remain unchanged. Lessee further agrees to execute such documents in connection with such replacement as deemed necessary by Lessor to insure Lessor's full title thereto. Should Lessee elect not to replace such Item of Equipment, Lessee shall pay to Lessor, on the next Rental Payment Date for such Item following such Event of Loss, the Termination Value of such lost or destroyed Item. The obligation of Lessee to pay Rental with respect to such Item (including the Rental due on such Rental Payment Date) shall continue undiminished until the payment of such Termination Value. After the payment of such Termination Value, Lessee's obligation to pay Rental for such Item shall cease, but Lessee's obligation to pay Rental for all other Items of Equipment shall remain unchanged. After the payment of such Termination Value, Lessor will transfer to Lessee, without recourse or warranty, all of Lessor's right, title and interest in and to such Item of Equipment suffering the Event of Loss.