LOSS OR TOTAL DAMAGE. (a) If the Equipment is lost, stolen, destroyed or damaged beyond reasonable repair, you must: (i) immediately notify us in writing of such occurrence; (ii) pay us the replacement value for the Equipment as fairly specified by us and available on request; and (iii) continue to pay us the hiring charges for the Equipment until that replacement value is paid which is to compensate us for our loss of revenue. Payments for hire charges do not reduce your obligation to pay replacement value.
LOSS OR TOTAL DAMAGE. In the event of loss, theft or destruction of the equipment (an “Event of Loss”) or damage thereto which Lessor, in its sole discretion, shall determine is not structurally or economically repairable (an “Event of Constructive Loss”), rental charges for the affected equipment shall terminate (1) upon receipt by Lessor of written notice from Lessee of an Event of Loss, or (2) upon issuance by Lessor of a written notice to Lessee of an Event of Constructive Loss, provided in either event that payment of the Replacement Value for a like item of equipment (as set forth herein or in Lessor’s then current Replacement Value Schedule) is made to Lessor within 30 days of such notice. If payment is not made within such 30 days, rental charges shall continue unabated until payment of the Replacement Value is received by Lessor. General payments by Lessee shall not be applied to charges for the Replacement Value of equipment unless so specified by Lessee. Further, if any equipment is subject to an Event of Loss or Event of Constructive Loss prior to the expiration of any fixed term specified for such equipment, Lessor shall have the right but not the obligation to supply a like item of equipment to Lessee, whereupon Lessee agrees either (1) to lease such substitute equipment, or (2) if Lessee elects not to lease the substitute equipment, to pay Lessor any shortfall between the historic rental charges for the original item of equipment and the contractual rental charges for said fixed term.
LOSS OR TOTAL DAMAGE. If the UNIT(S) is lost or destroyed or sustains damage, which in Xxxxxx's sole discretion, renders the UNIT(S) a total loss, Lessor shall issue its invoice to Lessee for the Replacement Value of the lost or destroyed UNIT(S). Rental charges for UNIT(S) shall continue unabated until Lessor receives payment in full of the Replacement Value of the UNIT(S).
LOSS OR TOTAL DAMAGE. In the event of loss, theft, or destruction of the equipment or damage thereto which Lessor, in its sole discretion, shall determine is not repairable, rental charges shall terminate upon receipt by Lessor of written notice thereof from Lessee provided payment of the replacement value for like equipment as shown on the face hereof is made to Lessor not more than 30 days after receipt of such notice. If payment is not made within 30 days, rental charges shall continue unabated until such payment is received by Lessor. Rental and other payments by Lessee specified hereunder shall not be applied to charges for the replacement value of equipment unless so specified by Lessee.
LOSS OR TOTAL DAMAGE. If the Equipment is lost or destroyed or sustains damage, which in Lessor's sole discretion, renders the Equipment a total loss, Lessor shall issue its invoice to Lessee for the Replacement Value of the lost or destroyed Equipment. Rental charges for Equipment shall continue unabated until Lessor receives payment in full of the Replacement Value of the Equipment.
LOSS OR TOTAL DAMAGE. (a) If during the Hire Term, the Equipment is lost, stolen, destroyed or damaged beyond reasonable repair, you must: (i) immediately notify us in writing of such occurrence; (ii) pay us the full as new replacement value for the Equipment as fairly specified by us and available on request during the Hire Term and (iii) continue to pay us the hiring charges for the Equipment until that replacement value is paid which is to compensate us for our loss of revenue. Payments for hire charges do not reduce your obligation to pay replacement value.
