Common use of Loss or Damage Clause in Contracts

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a xxxx of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for the Lost Equipment but no more than 180 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a xxxx of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender reasonably determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss that substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens Liens, convey to Lender a security interest in such replacement equipment, and deliver to Lender a xxxx of sale covering such documents to evidence such conveyance and the replacement equipmentInternational Interest and shall make such filings and registrations with the FAA and the International Registry (and hereby consents to such registrations with the International Registry) with respect thereto as Lender requests, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date that is at least 30 days but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus 102% of the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords which shall not be considered a penalty. . Upon payment by Borrower of all amounts due under the above clause (2), the all security interest interests of the Lender in the Lost Equipment Equipment, including those under the International Registry, will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lenderits option, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a xxxx of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such of the Note associated with the Lost Equipment as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords and a Break Funding Charge (as defined in Section 20 below). Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminateterminate and Lender shall prepare and deliver to Borrower a revised installment payment schedule to the Note that takes into account such partial prepayment of principal.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“"Casualty Loss”"). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender reasonably determines that any item of the Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss that substantially and permanently reduces the fair market value of the Equipment (“"Lost Equipment”"), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens Liens, convey to Lender a security interest in such replacement equipment, and deliver to Lender a xxxx of sale covering such documents to evidence such conveyance and the replacement equipmentInternational Interest and shall make such filings and registrations with the FAA and the International Registry (and hereby consents to such registrations with the International Registry) with respect thereto as Lender requests, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date that is at least 30 days but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such Lost Equipment of the Note as of the date of the Casualty Loss Payment Due Date as determined by Lender’s 's records. Upon payment by Borrower of all amounts due under the above clause (2), the all security interest interests of the Lender in the Lost Equipment Equipment, including those under the International Registry, will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“"Casualty Loss”"). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“"Lost Equipment”"), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a xxxx bill of sale covering the replacement equipment, in which event such replacement xxxlacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s 's records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair or a Casualty Loss which substantially and permanently reduces the fair market value of the Equipment (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment immediately replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a xxxx of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for on the Lost Equipment installment payment due date which is at least 30 but no more than 180 60 days after the date of the Casualty LossLoss (“Loss Payment Due Date”), pay to Lender all accrued and unpaid principal, interest, late charges and other amounts then due and payable by Borrower under this Agreement for or the Lost Equipment Note plus the remaining principal balance for such of the Note associated with the Lost Equipment as of the date of the Casualty Loss Payment Due Date as determined by Lender’s recordsrecords and a Breakfunding Charge. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminateterminate and Lender shall prepare and deliver to Borrower a revised installment payment schedule to the Note that takes into account such partial prepayment of principal.

Loss or Damage. Borrower bears the entire risk of loss, theft, damage or destruction of Equipment in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to Equipment shall relieve Borrower from the obligation to pay the installment payments or from any other obligation under this Agreement. In the event of Casualty Loss to any item of Equipment, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair the same. If Lender determines that any item of Equipment has suffered a Casualty Loss beyond repair (“Lost Equipment”), then Borrower, at the option of Lender, shall: (1) upon receipt of any insurance proceeds for the Lost Equipment replace the Lost Equipment with similar equipment in good repair, condition and working order free and clear of any Liens and deliver to Lender a xxxx of sale covering the replacement equipment, in which event such replacement equipment shall automatically be Equipment under this Agreement; or (2) upon receipt of any insurance proceeds for the Lost Equipment but no more than 180 120 days after the date of the Casualty Loss, pay to Lender all amounts then due and payable by Borrower under this Agreement for the Lost Equipment plus the remaining principal balance for such Lost Equipment as of the date of the Casualty Loss as determined by Lender’s records. Upon payment by Borrower of all amounts due under the above clause (2), the security interest of the Lender in the Lost Equipment will terminate.