RISK OF DAMAGE AND LOSS. Lessee assumes and shall be solely responsible for the entire risk of any Item being lost, destroyed, damaged, stolen, confiscated or condemned, from whatever source, until the date such Item is returned and accepted by Lessor (the "Return Date") in accordance with Section 12. In the event of damage to any Item, Lessee, at its expense, shall promptly repair the same, restoring it to the condition required to be maintained hereunder. If any Item is lost, destroyed, stolen, damaged in such a way that it is not commercially reasonable to repair it (or such repairs are not completed within 60 days of the damage or by the end of the Term with respect thereto, whichever is shorter), confiscated or condemned (each, an "Event of Loss"), then Lessee shall pay to Lessor the Stipulated Loss Value (as defined below) of such Item and all other Rent owing with respect to such Item, which such payment shall be due on the first to occur of (i) the end of the Term with respect thereto or (ii) the sooner of (A) 60 days after such Event of Loss or (B) the second Basic Rent payment date with respect to such Item following such Event of Loss. Lessor and Lessee shall execute a Stipulated Loss Value Rider applicable to each Item and the Stipulated Loss Value for each Item shall be as set forth therein (the "Stipulated Loss Value"). In the event Lessee shall discontinue the operations or be in default with the landlord at any store location ("Store Closure") in which Lessor has Items of Equipment, then Lessee shall pay to Lessor the Stipulated Loss Value (as defined in Section 9 below) of such Items of Equipment and all other Rent owing with respect to such Items of Equipment, which such payment shall be due within 30 days of such Store Closure. Upon due payment by Lessee of all such amounts, this Lease shall terminate with respect to such Item and Lessor shall transfer title thereto to Lessee, without representation or warranty other than as to Lessor Liens. So long as no Event of Default exists, any proceeds of insurance required hereunder received by Lessor with respect to any damage or Event of Loss respecting any Equipment shall be paid to Lessee to the extent necessary to reimburse Lessee for costs incurred and paid by Lessee in repairing the same or shall be credited against amounts payable by Lessee with respect to the Equipment involved.
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RISK OF DAMAGE AND LOSS. Lessee assumes and shall be solely responsible for the entire risk of any Item being lost, destroyed, damaged, stolen, confiscated or condemned, from whatever source, until the date such Item is returned and accepted by Lessor (the "Return Date") in accordance with Section 12. In the event of damage to any Item, Lessee, at its expense, shall promptly repair the same, restoring it to the condition required to be maintained hereunder. If any Item is lost, destroyed, stolen, damaged in such a way that it is not commercially reasonable to repair it (or such repairs are not completed within 60 days of the damage or by the end of the Term with respect thereto, whichever is shorter), confiscated or condemned (each, an "Event of Loss"), then Lessee shall pay to Lessor the Stipulated Loss Value (as defined below) of such Item and all other Rent owing with respect to such Item, which such payment shall be due on the first to occur of (i) the end of the Term with respect thereto or (ii) the sooner of (A) 60 days after such Event of Loss or (B) the second Basic Rent payment date with respect to such Item following such Event of Loss. Lessor and Lessee shall execute a Stipulated Loss Value Rider applicable to each Item and the Stipulated Loss Value for each Item shall be as set forth therein (the "Stipulated Loss Value"). In the event Lessee shall discontinue the operations or be in default with the landlord at any store location ("Store Closure") in which Lessor has Items of Equipment, then Lessee shall pay to Lessor the Stipulated Loss Value (as defined in Section 9 below) of such Items of Equipment and all other Rent owing with respect to such Items of Equipment, which such payment shall be due within 30 days of such Store Closure. Upon due payment by Lessee of all such amounts, this Lease shall terminate with respect to such Item and Lessor shall transfer title thereto to Lessee, without representation or warranty other than as to Lessor Liens. So long as no Event of Default exists, any proceeds of insurance required hereunder received by Lessor with respect to any damage or Event of Loss respecting any Equipment shall be paid to Lessee to the extent necessary to reimburse Lessee for costs incurred and paid by Lessee in repairing the same or shall be credited against amounts payable by Lessee with respect to the Equipment involved.
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RISK OF DAMAGE AND LOSS. Lessee assumes and shall be solely responsible for the entire risk of any Item item being lost, destroyed, damaged, stolen, confiscated or condemned, from whatever source, until the date such Item item is returned and accepted by Lessor (the "Return Date") in accordance with Section 12. In the event of damage to any Itemitem, Lessee, at its expense, shall promptly repair the same, restoring it to the condition required to be maintained hereunder. If any Item item is lost, destroyed, stolen, damaged in such a way that it is not commercially reasonable to repair it (or such repairs are not completed within 60 days of the damage or by the end of the Term with respect thereto, whichever is shorter), confiscated or condemned (each, an "Event of Loss"), then Lessee shall pay to Lessor the Stipulated Loss Value (as defined below) of such Item item and all other Rent owing with respect to such Itemitem, which such payment shall be due on the first to occur of (i) the end of the Term with respect thereto or (ii) the sooner of (A) 60 days after such Event of Loss or (B) the second Basic Rent payment date with respect to such Item item following such Event of Loss. Lessor and Lessee shall execute a Stipulated Loss Value Rider applicable to each Item item and the Stipulated Loss Value for each Item tem shall be as set forth therein (the "Stipulated Loss Value"). In the event Lessee shall discontinue the operations or be in default with the landlord at any store location ("Store Closure") in which Lessor has Items of Equipment, then Lessee shall pay to Lessor the Stipulated Loss Value (as defined in Section 9 below) of such Items of Equipment and all other Rent owing with respect to such Items of Equipment, which such payment shall be due within 30 days of such Store Closure. Upon due payment by Lessee of all such amounts, this Lease shall terminate with respect to such Item item and Lessor shall transfer title thereto to Lessee, without representation or warranty other than as to Lessor Liens. So long as no Event of Default exists, any proceeds of insurance required hereunder received by Lessor with respect to any damage or Event of Loss respecting any Equipment shall be paid to Lessee to the extent necessary to reimburse Lessee for costs incurred and paid by Lessee in repairing the same or shall be credited against amounts payable by Lessee with respect to the Equipment involved.
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RISK OF DAMAGE AND LOSS. Lessee assumes and shall be solely responsible for the entire risk of any Item being lost, destroyed, damaged, stolen, confiscated or condemned, from whatever source, from the Commencement Date until the date such Item is returned and accepted by Lessor Return Date (the "Return Date") as defined in accordance with Section 1210). In the event of damage to any Item, Lessee, at its sole cost and expense, shall promptly repair the same, restoring it to the condition required to be maintained hereunderhereunder and continuing to pay Rent while doing so. If any Item is lost, destroyed, stolen, damaged in such a way that it is not commercially reasonable to repair it (or such repairs are not completed within 60 days of the damage or by the end of the Term with respect thereto, whichever is shorter), confiscated or condemned (each, an "Event of Loss")) Lessee shall, then Lessee shall on the first to occur of (x) the end of the Term with respect thereto and (y) the second Basic Rent payment date following such Event of Loss, pay to Lessor the Stipulated Loss Value (as defined belowshown on the Stipulated Loss Value Table to the applicable Schedule) of such Item as of the Basic Rent payment date immediately preceding the Event of Loss plus interest thereon at a rate per annum equal to the Prime Rate then in effect plus 2% from the Event of Loss date through the date of payment and all other Rent owing with respect to such Item. Until such time as the Stipulated Loss Value payment is made to Lessor, which such payment Lessee shall be due on the first continue to occur of (i) the end of the Term with respect thereto or (ii) the sooner of (A) 60 days after such Event of Loss or (B) the second make Basic Rent payment date payments with respect to such Item following such (provided that all Basic Rent payments made for Basic Rent payment dates subsequent to the Event of Loss. Lessor and Lessee Loss date shall execute a Stipulated Loss Value Rider applicable to each Item and be credited against the Stipulated Loss Value for each Item shall be amount as set forth therein (of the "Stipulated Loss Value"). In the event Lessee shall discontinue the operations or be in default with the landlord at any store location ("Store Closure") in which Lessor has Items date of Equipment, then Lessee shall pay to Lessor the Stipulated Loss Value (as defined in Section 9 below) of such Items of Equipment and all other Rent owing with respect to such Items of Equipment, which such payment shall be due within 30 days of such Store Closureits payment. Upon due payment by the Lessee of all such amounts, this Lease shall terminate with respect to such Item and Lessor shall transfer title thereto to Lessee, without representation or warranty other than as to Lessor LiensLiens and that Lessor has not conveyed any interest in the Equipment to any third party. So long as no Event of Default exists, any proceeds of insurance required hereunder received by Lessor with respect to any damage or Event of Loss respecting any Equipment shall be paid to Lessee to the extent necessary to reimburse Lessee for costs incurred and paid by Lessee in repairing the same or shall be credited against amounts payable by Lessee with respect to the Equipment involved.any
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RISK OF DAMAGE AND LOSS. Lessee assumes and shall be solely responsible for the entire risk of any Item being lost, destroyed, damaged, stolen, confiscated or condemned, from whatever source, until the date such Item is returned and accepted by Lessor (the "Return Date") in accordance with Section 1211. In the event of damage to any Item, Lessee, at its expense, shall promptly repair the same, restoring it to the condition required to be maintained hereunder. If any Item is lost, destroyed, stolen, damaged in such a way that it is not commercially reasonable to repair it (or such repairs are not completed within 60 days of the damage or by the end of the Term with respect thereto, whichever is shorter), confiscated or condemned (each, an "Event of Loss"), then Lessee shall pay to Lessor the Stipulated Loss Value (as defined below) of such Item and all other Rent owing with respect to such Item, which such payment shall be due on the first to occur of (ix) the end of the Term with respect thereto or (iiy) the sooner of (Ai) 60 days after such Event of Loss or (Bii) the second Basic Rent payment date with respect to such Item following such Event of Loss. Lessor and Lessee shall execute a Stipulated Loss Value Rider Rider, which shall be applicable to the Equipment and each Item Item, and the Stipulated Loss Value for the Equipment and each Item shall be as set forth therein item (the "Stipulated Loss Value")) shall be as set forth therein. In the event Lessee shall discontinue the operations or be in default with the landlord at any store location ("Store Closure") in which Lessor has Items of Equipment, then addition Lessee shall pay to Lessor interest on the amount of the Stipulated Loss Value from the Basic Rent payment date immediately preceding the date of the Event of Loss until such Stipulated Loss Value is paid to Lessor at a rate per annum equal to the lesser of three percent (3%) above the prime rate (the "Prime Rate") as defined published in Section 9 belowThe Wall Street Journal and in effect on the date of the Event of Loss or the maximum amount permitted by applicable law under the circumstances. EXHIBIT 10(oo) of such Items of Equipment and all other Rent owing with respect to such Items of Equipment, which such payment shall be due within 30 days of such Store Closure. Upon due payment by the Lessee of all such amounts, this Lease thisLease shall terminate with respect to such Item and Lessor shall transfer title thereto to Lessee, without representation or warranty other than as to Lessor Liens. So long as no Event of Default exists, any proceeds of insurance required hereunder received by Lessor with respect to any damage or Event of Loss respecting any Equipment shall be paid to Lessee to the extent necessary to reimburse Lessee for costs incurred and paid by Lessee in repairing the same or shall be credited against amounts payable by Lessee with respect to the Equipment involved.
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Samples: Master Lease Agreement (Tuboscope Vetco International Corp)
RISK OF DAMAGE AND LOSS. Lessee assumes and shall be solely responsible for the entire risk of any Item being lost, destroyed, damaged, stolen, confiscated or condemned, from whatever source, until the date such Item is returned and accepted by Lessor (the "Return Date") in accordance with Section 12. In the event of any damage to any Item, Lessee, at its expense, shall promptly repair the same, restoring it to the condition required to be maintained hereunder. If any Item is lost, destroyed, stolen, damaged in such a way that it is not commercially reasonable to repair it (or such repairs are not completed within 60 days of the damage or by the end of the Term with respect thereto, whichever is shorter), confiscated or condemned (each, an "Event of Loss"), then Lessee shall pay to Lessor the Stipulated Loss Value (as defined below) of such Item and all other Rent owing with respect to such Item, which such payment shall be due on the first to occur of (i) the end of the Term with respect thereto or (ii) the sooner of (A) 60 days after such Event of Loss or (B) the second Basic Rent payment date with respect to such Item following such Event of Loss. Lessor and Lessee shall execute a Stipulated Loss Value Rider applicable to each Item and the Stipulated Loss Value for each Item shall be as set forth therein (the "Stipulated Loss Value"). In the event Lessee shall discontinue the operations or be in default with the landlord at any store location ("Store Closure") in which Lessor has Items of Equipment, then Lessee shall pay to Lessor the Stipulated Loss Value (as defined in Section 9 below) of such Items of Equipment and all other Rent owing with respect to such Items of Equipment, which such payment shall be due within 30 days of such Store Closure. Upon due payment by Lessee of all such amounts, this Lease shall terminate with respect to such Item and Lessor shall transfer title thereto to Lessee, without representation or warranty other than as to Lessor Liens. So long as no Event of Default exists, any proceeds of insurance required hereunder received by Lessor with respect to any damage or Event of Loss respecting any Equipment shall be paid to Lessee to the extent necessary to reimburse Lessee for costs incurred and paid by Lessee in repairing the same or shall be credited against amounts payable by Lessee with respect to the Equipment involved.
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