Common use of Physical Damage Insurance Clause in Contracts

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iii) Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in lieu of maintaining the physical damage insurance required by Section 12.1(a), self-insure with respect to any Units for such amounts and against such risks as shall be based upon reasonable practices then in effect in the railcar leasing and insurance industries. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Amount for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any the Units for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee taking into account Lessee's capital structure and that Lessee is a special purpose corporation. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as as (1) Lessee shall have complied with the applicable Lease Agreement (TRLI 2001-1B) provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid to the Indenture Trustee Trustee, so long as the Equipment Notes remain outstanding, and thereafter to Lessor, in each case under a standard loss payable clause, and thereafter to Lessor and (iii) Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in lieu of maintaining the physical damage insurance required by Section 12.1(a), self-insure with respect to any Units for such amounts and against such risks as shall be based upon reasonable practices then in effect in the railcar leasing and insurance industries. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iii) Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in lieu of maintaining the physical damage insurance required by Section 12.1(a), self-insure with respect to any Units for such amounts and against such risks as shall be based upon reasonable practices then in effect in the railcar leasing and insurance industries. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iii) Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (ba) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in lieu of maintaining the physical damage insurance required by Section 12.1(a), self-insure with respect to any Units for such amounts and against such risks as shall be based upon reasonable practices then in effect in the railcar leasing and insurance industries. (cb) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Value for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard mortgage loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or and take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in lieu of maintaining the physical damage insurance required by Section 12.1(a), self-insure with respect to any Units for such amounts and against such risks as shall be based upon reasonable practices then in effect in the railcar leasing and insurance industries. (c) The entire proceeds of any property insurance or third party payments for damages damage to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount Value is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this the Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts Value due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Amount for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any the Units for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee taking into account Lessee's capital structure and that Lessee is a special purpose corporation. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount Lease Agreement (TRLI 2001-1C) and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Amount for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any the Units for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee taking into account Lessee's capital structure and that Lessee is a special purpose corporation. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Amount for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any the Units for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee taking into account Lessee's capital structure and that Lessee is a special purpose corporation. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Amount for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any the Units for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee taking into account Lessee's capital structure and that Lessee is a special purpose corporation. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount Lease Agreement (TRLI 2001-1C) and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained ------------------------- pursuant to Section 12.1(a12.1 (a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Value for any loss or damage to any Unit shall be paid made to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any Units the Equipment for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of the Lessee taking into account the Lessee's capital structure and that the Lessee is a special purpose corporation. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount Value is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this Lease, and and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount Value and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the Equipment Notes remain outstanding, the proceeds up to $100,000 the Stipulated Loss Value, for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid made to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or and take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any Units the Equipment for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount Value is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this the Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts Value due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a4.07(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 the Agreed Value, for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid made to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor the Owner and (iiiii) Lessee the Owner will be entitled, at its own expense, to make all proofs of loss and/or and take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a4.07(a), the Owner may self-insure with respect to any Units for such amounts or all of the insurance under the Owner’s risk management programs and against such risks as shall be based upon reasonable practices then in effect keeping with the risk management programs assumed by corporations of established reputations engaged in the railcar leasing same business, and provided that any such self-insurance industrieswill be comparable in all material respects to self-insurance provisions generally applicable to other comparable equipment owned by or leased to the Owner. (c) The entire Any proceeds of any property insurance or third party payments for damages to any Unit received by Lessor the Owner or the Indenture Trustee under Section 12.2(a)(ii(x) that are equal or less than the Threshold Amount, shall be held paid over to, or retained by, the Owner and (y) that are greater than the Threshold Amount, shall be paid over to, or retained by such party until, with respect to such Unit, the Indenture Trustee until the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount amount required to be paid under Section 2.09(a) is made, and such entire proceeds will be paid, so long as no Significant Default shall have occurred and be continuing, paid either: (i) to Lessee the Owner promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee the Owner for payment to Lessee the Owner for repairing or restoring the Units which have been damaged so long as as (1) Lessee the Owner shall have complied with the applicable provisions of this LeaseIndenture, and (2) Lessee the Owner shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if the Lien of this Lease Indenture is terminated released with respect to such Unit because of an Event of Loss and Lessee the Owner has paid the Stipulated Loss Amount and all other amounts due amount required to be paid under Section 2.09(a) as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lesseethe Owner.

Physical Damage Insurance. (a) The insurance ------------------------- maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the Equipment Notes remain outstanding, the proceeds up to $100,000 the Stipulated Loss Value, for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid made to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or and take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any Units the Equipment for such amounts and against such risks as shall be consented to by Lessor and the Indenture Trustee, which consent shall be based upon reasonable practices then in effect in the railcar leasing and insurance industriesindustries and upon the financial condition of Lessee. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount Value is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this the Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts Value due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained ------------------------- pursuant to Section 12.1(a12.1 (a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 up to the Stipulated Loss Value for any loss or damage to any Unit shall be paid made to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iiiii) so long as no Lease Event of Default shall have occurred and be continuing, Lessee will be entitled, at its own expense, to make all proofs of loss and/or and take all other steps necessary to collect the proceeds of such insurance. (b) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in In lieu of maintaining the physical damage insurance required by Section 12.1(a), Lessee may self-insure with respect to any Units for such amounts and against such risks the Equipment as shall be based upon reasonable practices then in effect in consented to by Lessor and the railcar leasing and insurance industriesIndenture Trustee. (c) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount Value is made, and such entire proceeds will be paid, so long as no Significant Lease Event of Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as (1) Lessee shall have complied with the applicable provisions of this the Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount Value and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.

Physical Damage Insurance. (a) The insurance maintained pursuant to Section 12.1(a) shall provide that (i) so long as no Significant Default shall have occurred and be continuing the proceeds up to $100,000 for any loss or damage to any Unit shall be paid to Lessee for the purpose of repairing or restoring such Unit that has been damaged, (ii) so long as the Equipment Notes remain outstanding, the proceeds in excess of $100,000 for any loss or damage to any Unit shall be paid to the Indenture Trustee under a standard loss payable clause, and thereafter to Lessor and (iii) Lessee will be entitled, at its own expense, to make all proofs of loss and/or take all other steps necessary to collect the proceeds of such insurance. (ba) To the extent that the risk of loss with respect to the applicable Units shall be borne by Persons (other than the Lessee) in possession or control of such Unit and such other Person shall be obligated to pay a settlement amount to Lessee in the amount of such loss in respect of such Unit, the Lessee may, in lieu of maintaining the physical damage insurance required by Section 12.1(a), self-insure with respect to any Units for such amounts and against such risks as shall be based upon reasonable practices then in effect in the railcar leasing and insurance industries. (cb) The entire proceeds of any property insurance or third party payments for damages to any Unit received by Lessor or the Indenture Trustee under Section 12.2(a)(ii) shall be held by such party until, with respect to such Unit, the repairs referred to in clause (i) below are made as specified therein or payment of the Stipulated Loss Amount is made, and such entire proceeds will be paid, so long as no Significant Default shall have occurred and be continuing, either: (i) to Lessee promptly following receipt by the Indenture Trustee or Lessor, as the case may be, of a written application signed by Lessee for payment to Lessee for repairing or restoring the Units which have been damaged so long as as (1) Lessee shall have complied with the applicable provisions of this Lease, and (2) Lessee shall have certified that any damage to such Units shall have been fully repaired or restored; or (ii) if this Lease is terminated with respect to such Unit because of an Event of Loss and Lessee has paid the Stipulated Loss Amount and all other amounts due as a result thereof, such proceeds shall be promptly paid over to, or retained by, Lessee.