Common use of Risk of Loss, Damage or Destruction Clause in Contracts

Risk of Loss, Damage or Destruction. Lessee hereby assumes all risk of loss, damage, theft, taking, destruction, confiscation, requisition or commandeering, partial or complete, of or to each Item of Equipment ("Loss, Damage or Destruction"), however caused or occasioned except for Loss, Damage or Destruction caused by the gross negligence or willful misconduct of Lessor, such risk to be borne by Lessee with respect to each Item of Equipment from the date of this Lease Agreement, and continuing until such Item of Equipment has been returned to Lessor in accordance with the provisions of Section 6, the rights and interests in which have been transferred to Lessee in accordance with the provisions of Section 28.2, 28.4, or 28.5 or has been sold in accordance with Section 28.3.

Risk of Loss, Damage or Destruction. Lessee hereby assumes all risk of loss, damage, theft, taking, destruction, confiscation, requisition or commandeering, partial or complete, of or to each Item of Equipment ("Loss, Damage or Destruction"), however caused or occasioned except for Loss, Damage or Destruction caused by the gross negligence or willful misconduct of Lessor, such risk to be borne by Lessee with respect to each Item of Equipment from the date of this Lease Agreement, and continuing until (i) such Item of Equipment has been returned to Lessor in accordance with the provisions of Section 6, (ii) the rights and interests in which such Item of Equipment have been transferred to Lessee in accordance with the provisions of Section 28.2, 28.4, 28.2 or 28.5 28.4 or (iii) such Item of Equipment has been sold in accordance with Section 28.3.