Common use of Lost or Stolen Equipment Clause in Contracts

Lost or Stolen Equipment. In the event that the Equipment is reported by Xxxxxx to be lost or stolen during the term of the Lease, Lessee is liable to Lessor for the replacement value of the Equipment. 1. Lessor shall charge Xxxxxx’s form of payment the amount owed for replacement of the lost or stolen Equipment. 2. If the Lessee’s form of payment cannot be successfully charged within 24 hours, the Lessee shall be considered to be in Default.

Lost or Stolen Equipment. In the event that the Equipment is reported by Xxxxxx Lessee to be lost or stolen during the term of the Lease, Lessee is liable to Lessor for the replacement value cost new of the Equipment. 1. i. Lessor shall charge XxxxxxLessee’s form of payment the amount owed for replacement of the lost or stolen Equipment. 2ii. If the Lessee’s form of payment cannot be successfully charged within 24 hours, the Lessee shall be considered to be in Default.

Lost or Stolen Equipment. In the event that the Equipment is reported by Xxxxxx Lessee to be lost or stolen during the term of the Lease, Lessee is liable to Lessor for the replacement value of the Equipment. 1. Lessor shall charge XxxxxxLessee’s form of payment the amount owed for replacement of the lost or stolen Equipment. 2. If the Lessee’s form of payment cannot be successfully charged within 24 hours, the Lessee shall be considered to be in Default.