Common use of Replacement Value Clause in Contracts

Replacement Value. Equipment coverage shall be provided in replacement cost basis. Lessee agrees to whatever replacement value is set by Gear Up. If provided on actual cash basis, and in the event of loss and/or damage, Lessee shall pay the difference between the actual cash value and replacement cost. If the property is in need of repair upon Lessee’s return of same, Lessee shall pay all costs of such repair. If the Property is damaged beyond repair or lost or destroyed from any cause, Lessee shall pay Gear Up the replacement cost for such Property, without any allowance for depreciation or obsolescence. Repair or replacement of said equipment will be the sole decision of the Gear Up. It is further understood and agreed that Lessee shall be obligated for loss of rental income until such time as equipment is fully repaired and returned to Gear Up or full payment in settlement of loss received by Gear Up.

Replacement Value. Equipment coverage shall be provided in replacement cost basis. Lessee agrees to whatever replacement value is set by Gear UpLessor. If provided on actual cash basis, and in the event of loss and/or damage, Lessee shall pay the difference between the actual cash value and replacement cost. If the property is in need of repair upon Lessee’s return of same, Lessee shall pay all costs of such repair. If the Property is damaged beyond repair or lost or destroyed from any cause, Lessee shall pay Gear Up Lessor the replacement cost for such Property, without any allowance for depreciation or obsolescence. Repair or replacement of said equipment will be the sole sole, good faith decision of the Gear UpLessor. It is further understood and agreed that Lessee shall be obligated for loss of rental income until such time as equipment is fully repaired and returned to Gear Up Lessor or full payment in settlement of loss received by Gear UpLessor.

Replacement Value. Equipment coverage shall be provided in replacement cost basis. Lessee ▇▇▇▇▇▇ agrees to whatever replacement value is set by Gear Up▇▇▇▇▇▇. If provided on actual cash basis, and in the event of loss and/or damage, Lessee shall pay the difference between the actual cash value and replacement cost. If the property is in need of repair upon Lessee▇▇▇▇▇▇’s return of same, Lessee shall pay all costs of such repair. If the Property is damaged beyond repair or lost or destroyed from any cause, Lessee shall pay Gear Up Lessor the replacement cost for such Property, without any allowance for depreciation or obsolescence. Repair or replacement of said equipment will be the sole sole, good faith decision of the Gear UpLessor. It is further understood and agreed that Lessee shall be obligated for loss of rental income until such time as equipment is fully repaired and returned to Gear Up Lessor or full payment in settlement of loss received by Gear UpLessor.