Common use of Liability/damage Clause in Contracts

Liability/damage. The Lessee shall give prompt written notice to the Lessor of each accident likely to result in damages against the Lessee or, as the case may be, in excess of $750,000 in any way relating to or arising out of the alleged or apparent improper manufacture, financing, construction, purchase, acceptance, rejection, ownership, acquisition, delivery, nondelivery, lease, sublease, preparation, installation, storage, maintenance, repair, transportation, transfer of title, abandonment, possession, rental, use, operation, condition, sale, return, importation, exportation, or other disposition of the Leased Property or any portion thereof; promptly upon the Lessee becoming aware of same, and on request shall furnish to the Lessor information as to the time, place and nature thereof, the names and addresses of the parties involved, any Persons injured, witnesses and owners of any property damaged, and such other information as may be known to it and shall promptly upon request, if such request is deemed reasonable under the circumstances by the Lessee, furnish the Lessor with copies of all material correspondence, papers, notices and documents whatsoever received by the Lessee (not otherwise subject to the attorney-client privilege) in connection therewith. In any case, the Lessor, at its own expense, may inspect all correspondence, papers, notices and documents whatsoever received by the Lessee (not otherwise subject to the attorney-client privilege) in connection therewith. In addition, the Lessee shall give prompt written notice to the Lessor of any damage, loss of use or destruction of the Leased Property or any part thereof which, in the aggregate, exceed $750,000 and which would not otherwise constitute an Event of Loss with respect thereto.