Common use of Loss of Equipment Clause in Contracts

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS") after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee assumes the risk that, and shall bear the entire risk promptly notify Lessor in writing if, any item of the Equipment being becomes lost, stolen, damaged, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to a common carrier for shipment to Lessee. If an Unless the item is damaged and is reparable within a reasonable period of time in the judgment of Lessor (in which event Lessee shall promptly cause such item to be repaired and restored to the condition and value it had prior to such Event of Loss shall occur with respect to any item of EquipmentLoss, at its own cost and expense), Lessee shall promptly notify pay to Lessor thereof in writing. On on the rental Rent payment date following Lessor's receipt of such noticenotice (or, Lessee shall pay to Lessor if none, 30 days after such Event of Loss), an amount equal to the rental Rent payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Leasedate. Upon the making of such payment by Lessee regarding any item of Equipmentpayment, the Rent for such item of Equipment shall cease to accrue, the term of this the Lease as to such item of Equipment shall terminate and (except in the case of loss, unrecovered theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that If Lessor has received the Casualty Value of any item of Equipmentforegoing amount, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise, provided that if the Equipment is subject to an FMV Lease, Lessee shall be entitled to receive such proceeds only up to the Casualty Value therefor, any excess amount to be paid to Lessor.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise rendered permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to a common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of EquipmentUnit, Lessee shall promptly and fully notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment Unit on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment Unit as of the date of such payment payment, as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of EquipmentUnit, the Rent rental for such item of Equipment Unit shall cease to accrue, the term of this Lease as to such item of Equipment Unit shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment Unit in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of for any item of EquipmentUnit, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment Unit from insurance or otherwise.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS") after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSS"“Event of Loss”) after it has been delivered to common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of Equipment, Lessee shall promptly notify Lessor thereof in writing. On the rental payment date following Lessor's ’s receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment as of the date of such payment as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of Equipment, the Rent for such item of Equipment shall cease to accrue, the term of this Lease as to such item of Equipment shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of any item of Equipment, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment from insurance or otherwise.

Loss of Equipment. Lessee shall bear the entire risk of the Equipment being lost, destroyed or otherwise rendered permanently unfit or unavailable for use from any cause whatsoever (an "EVENT OF LOSSEvent of Loss") after it has been delivered to a common carrier for shipment to Lessee. If an Event of Loss shall occur with respect to any item of EquipmentUnit, Lessee shall promptly and fully notify Lessor thereof in writing. On the rental payment date following Lessor's receipt of such notice, Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable with respect to such item of Equipment Unit on or prior to such date, plus a sum equal to the Casualty Value of such item of Equipment Unit as of the date of such payment payment, as set forth in such Lease. Upon the making of such payment by Lessee regarding any item of EquipmentUnit, the Rent rental for such item of Equipment Unit shall cease to accrue, the term of this Lease as to such item of Equipment Unit shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such item of Equipment Unit in accordance with the provisions of Section 3.3 above. Provided that Lessor has received the Casualty Value of for any item of EquipmentUnit, Lessee shall be entitled to the proceeds of any recovery in respect of such item of Equipment Unit from insurance or otherwise.. 3.6