Casualty Processing. In the event the Manager receives notice that an Event of Loss has occurred in respect of any Unit, the Manager shall direct payment of the Settlement Value due from the Lessee or responsible third party to the Lockbox Account, shall adjust invoicing accordingly, and shall verify that the Settlement Value received is correct and in accordance with the terms of the applicable Lease and/or Railcar Service Agreement.
Appears in 2 contracts
Sources: Railcar Remarketing and Management Agreement (Greenbrier Companies Inc), Railcar Remarketing and Management Agreement (Greenbrier Companies Inc)