Common use of Payment of Casualty Loss Value Upon an Event of Loss Clause in Contracts

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with respect to an Item of Equipment during the Term thereof, Obligor shall give Corporate Obligee prompt written notice thereof and shall pay to Corporate Obligee on the corresponding Casualty Loss Value Payment Date the sum of (a) all unpaid Equipment Payments payable for such Item of Equipment for the entire Equipment Payment Period in which the Event of Loss has occurred, plus (b) the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date, plus (c) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (a) and (b). Any payments received at any time by Corporate Obligee or by Obligor from any insurer or other party (except Obligor) as a result of the occurrence of such Event of Loss will be applied in reduction of Obligor’s obligation to pay the foregoing amounts, if not already paid by Obligor, or, if already paid by Obligor, will be applied to reimburse Obligor for its payment of such amount, unless an Equipment Agreement Event of Default shall have occurred and be continuing. Upon payment in full of such Casualty Loss Value, Equipment Payments and Supplemental Payments, (a) the obligation of Obligor to pay Equipment Payments hereunder with respect to such Item of Equipment shall terminate and the Term of such Item shall terminate, and (b) Corporate Obligee shall renounce all title and rights to such Item of Equipment.

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with respect to an Item of Equipment during the Term thereof, Obligor shall give Corporate Obligee prompt written notice thereof and shall pay to Corporate Obligee on the corresponding Casualty Loss Value Payment Date next following the date of such Event of Loss (or on the last day of the Term if there is no succeeding Casualty Loss Value Payment Date) the sum of (ai) all unpaid Equipment Basic Payments payable for such Item of Equipment for any Payment Period prior to the entire Equipment Payment Period in which the Event of Loss has occurred, plus (bii) (x) if Basic Payments for such Item of Equipment are payable in advance, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next preceding or coincident with the date of such Event of Loss, plus the Basic Payment payable for such Item for the Payment Period in which such Event of Loss has occurred if such Basic Payment was not paid on the Payment Date therefor, or (y) if Basic Payments for such Item are payable in arrears, the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date next following the date of such Event of Loss, plus the Basic Payment payable for such Item of Equipment for the Payment Period in which such Event of Loss has occurred if such Casualty Loss Value Payment Date for such Item is a Payment Date, plus (ciii) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (ai) and (bii), for such Item determined as of the Casualty Loss Value Payment Date. Any payments received at any time by Corporate Obligee or by Obligor from any insurer or other party (except Obligor) as a result of the occurrence of such Event of Loss will be applied in reduction of Obligor’s 's obligation to pay the foregoing amounts, if not already paid by Obligor, or, if already paid by Obligor, will be applied to reimburse Obligor for its payment of such amount, unless an Equipment Agreement Event of Default shall have occurred and be continuing. Upon payment in full of such Casualty Loss Value, Equipment Basic Payments and Supplemental Payments, (aA) the obligation of Obligor to pay Equipment make Basic Payments hereunder with respect to such Item of Equipment shall terminate and the Term of such Item shall terminate, and (bB) Corporate Obligee shall renounce all title and rights to Obligor shall, as agent for Obligee, as soon as practicable, dispose of such Item or Items of EquipmentEquipment in a manner reasonably acceptable to Obligee.

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with respect to an Item of Equipment during the Term thereof, Obligor Lessee (a) shall give Corporate Obligee Lessor and each Assignee prompt written notice thereof of such loss and of Lessee's election pursuant to clause (b) below and (b) shall (i) replace such Item within sixty (60) days of such notice subject to and in accordance with Section 13 or (ii) pay to Corporate Obligee Lessor on the corresponding Casualty Loss Value Payment Date the sum of (aA) all unpaid Equipment Lease Payments due and payable for such Item of Equipment for the entire Equipment Payment Period in (which the Event of Loss has occurred, plus (b) the Casualty Loss Value of such Item of Equipment determined as of Lease Payments shall accrue until the Casualty Loss Value Payment DateDate therefor notwithstanding the date of the Event of Loss), plus (cB) the Casualty Loss Value, plus (C) Breakage Costs, plus (D) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (aA) and (bB). Any payments received at any time by Corporate Obligee Lessor or by Obligor Lessee from any insurer or other party (except Obligor) as a result of the occurrence of such Event of Loss of an Item of Equipment will be applied in reduction of Obligor’s Lessee's obligation to pay the foregoing amounts, if not already paid by ObligorLessee, or, if already paid by ObligorLessee, will be applied to reimburse Obligor Lessee for its payment of such amount, unless an a Lease Event of Default shall have occurred and be continuing in which event any such payments received by Lessor or by Lessee shall be paid to and applied by the Collateral Agent in accordance with the priority of payments established under Section 7 of the Participation Agreement. In the event that any payments received by Lessor, Assignee, Administrative Agent or Collateral Agent referred to in the immediately preceding sentence with respect to any Item of Equipment Agreement exceed any amounts due and owing by Lessee to Lessor under the Operative Documents, then, provided there are no amounts due and owing by Lessee under the Operative Documents and no Lease Event of Default shall have occurred and be continuing, such excess shall forthwith be paid by Lessor or its Assignee, as the case may be, to Lessee. Upon payment in full of such Casualty Loss Value, Equipment Lease Payments and Supplemental Payments, (a) the obligation of Obligor to pay Equipment Payments Lessee's obligations hereunder with respect to such Item of Equipment shall terminate and (other than those expressly stated to survive the Term termination of such Item this Lease Agreement) shall terminate, and (b) Corporate Obligee shall renounce all title rights and rights to interests of Lessor in such Item of EquipmentEquipment shall automatically cease and vest in Lessee. Lessor will at the request and cost of Lessee furnish to or at the direction of Lessee, a bill xx sale without recourse or warranty (except as to the absence of Lessor Liens) and otherwise in form and substance reasonably satisfactory to Lessee and Lessor, evidencing the transfer to or at the direction of Lessee, all of Lessor's right, title and interest in and to such Item(s), "as-is, where-is". Following any such transfer, Lessee will be subrogated to all claims of Lessor, if any, against third parties to the extent the same relate to physical damage to or loss of the transferred Item which was the subject of such Event of Loss.

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with respect to an Item of Equipment during the Term thereof, Obligor shall give Corporate Obligee prompt written notice thereof and shall pay to Corporate Obligee on the corresponding Casualty Loss Value Payment Date the sum of (a) all unpaid Equipment Payments payable for such Item of Equipment for the entire Equipment Payment Period in which the Event of Loss has occurred, plus (b) the Casualty Loss Value of such Item of Equipment determined as of the Casualty Loss Value Payment Date, plus (c) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (a) and (b). Any payments received at any time by Corporate Obligee or by Obligor from any insurer or other party (except Obligor) as a result of the occurrence of such Event of Loss will be applied in reduction of Obligor’s 's obligation to pay the foregoing amounts, if not already paid by Obligor, or, if already paid by Obligor, will be applied to reimburse Obligor for its payment of such amount, unless an Equipment Agreement Event of Default shall have occurred and be continuing. Upon payment in full of such Casualty Loss Value, Equipment Payments and Supplemental Payments, (a) the obligation of Obligor to pay Equipment Payments (other than Obligor Commitment Fees) hereunder with respect to such Item of Equipment shall terminate and the Term of such Item shall terminate, and (b) Corporate Obligee shall renounce all title and rights to such Item of Equipment.

Payment of Casualty Loss Value Upon an Event of Loss. If an Event of Loss occurs with respect to an Item of Equipment during the Term thereof, Obligor Lessee (a) shall give Corporate Obligee Lessor and any Assignee prompt written notice thereof of such loss and (b) shall (i) replace such Item within sixty (60) days of the date of the Event of Loss subject to and in accordance with Section 13 or (ii) pay to Corporate Obligee Lessor on the corresponding Casualty Loss Value Payment Date the sum of (aA) all unpaid Equipment Lease Payments due and payable for such Item of Equipment for the entire Equipment Payment Period in (which the Event of Loss has occurred, plus (b) the Casualty Loss Value of such Item of Equipment determined as of Lease Payments shall accrue until the Casualty Loss Value Payment DateDate therefor notwithstanding the date of the Event of Loss), plus (cB) the Casualty Loss Value, plus (C) Breakage Costs, plus (D) all other Supplemental Payments due for such Item of Equipment as of the date of payment of the amounts specified in the foregoing clauses (aA) and (bB). Any payments received at any time by Corporate Obligee Lessor or by Obligor Lessee from any insurer or other party (except Obligor) as a result of the occurrence of such Event of Loss of an Item of Equipment will be applied in reduction of Obligor’s Lessee's obligation to pay the foregoing amounts, if not already paid by ObligorLessee, or, if already paid by ObligorLessee, will be applied to reimburse Obligor Lessee for its payment of such amount, unless an a Lease Event of Default shall have occurred and be continuing in which event any such payments received by Lessor or by Lessee shall be paid to and applied by the Collateral Agent in accordance with the priority of payments established under Section 7 of the Participation Agreement. In the event that any payments received by Lessor, any Assignee, Administrative Agent or Collateral Agent referred to in the immediately preceding sentence with respect to any Item of Equipment Agreement exceed any amounts due and owing by Lessee to Lessor under the Operative Documents, then, provided there are no amounts due and owing by Lessee under the Operative Documents and no Lease Event of Default shall have occurred and be continuing, such excess shall forthwith be paid by Lessor or its Assignee, as the case may be, to Lessee. Upon payment in full of such Casualty Loss Value, Equipment Lease Payments and Supplemental Payments, (a) the obligation of Obligor to pay Equipment Payments Lessee's obligations hereunder with respect to such Item of Equipment shall terminate and (other than those expressly stated to survive the Term termination of such Item this Lease Agreement) shall terminate, and (b) Corporate Obligee shall renounce all title rights and rights to interests of Lessor in such Item of EquipmentEquipment shall automatically cease and vest in Lessee. Lessor will at the request and cost of Lessee furnish to or at the direction of Lessee, a bill xx sale without recourse or warranty (except as to the absence of Lessor Liens) and otherwise in form and substance reasonably satisfactory to Lessee and Lessor, evidencing the transfer to or at the direction of Lessee, all of Lessor's right, title and interest in and to such Item(s), "as-is, where-is". Following any such transfer, Lessee will be subrogated to all claims of Lessor, if any, against third parties to the extent the same relate to physical damage to or loss of the transferred Item which was the subject of such Event of Loss.