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 rendered permanently unfit or unavailable for use from any cause whatsoever (hereinafter called an "Event of Loss") after its delivery to Lessee. If an Event of Loss shall occur with respect to any Unit, Lessee shall promptly and fully notify Lessor thereof. On the rental payment date following such notice Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable for such Unit on such date plus a sum equal to the Stipulated Loss Value (as defined in the applicable Supplement) of such Unit as of the date of such payment set forth in such Supplement. Upon the making of such payment by Lessee regarding any Unit, the rental obligation for such Unit shall cease, the Lease as to such Unit shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such Unit at Lessee's expense in accordance with the provisions of Section 2.3 above. Provided that Lessor has received the Stipulated Loss Value for any Unit, Lessee shall be entitled to the proceeds of any recovery in respect of such Unit 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 (hereinafter called an "Event of Loss") after its delivery to Lessee. If an Event of Loss shall occur with respect to any Unit, Lessee shall promptly and fully notify Lessor thereof. On the rental payment date following such notice Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable for such Unit on such each date plus a sum equal to the Stipulated Loss Value (as defined in the applicable Supplement) of such Unit Units as of the date of such payment set forth in such each Supplement. Upon the making of such payment by Lessee regarding any Unit, the rental obligation for such Unit shall cease, the Lease as to such Unit shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such Unit at LesseeLessor's expense in accordance with the provisions of Section 2.3 above. Provided that Lessor has received the Stipulated Loss Value for any Unit, Lessee shall be entitled to the proceeds of any recovery in respect of such Unit 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 (hereinafter called an "Event of Loss") after its delivery to Lessee. If an Event of Loss shall occur with respect to any Unit, Lessee shall promptly and fully notify Lessor thereof. On the rental payment date following such notice Lessee shall pay to Lessor an amount equal to the rental payment or payments due and payable for such Unit on such date plus a sum equal to the Stipulated Loss Value (as defined in the applicable Supplement) of such Unit as of the date of such payment set forth in such Supplement. Upon the making of such payment by Lessee regarding any Unit, the rental obligation for such Unit shall cease, the Lease as to such Unit shall terminate and (except in the case of loss, theft or complete destruction) Lessor shall be entitled to recover possession of such Unit at Lessee's expense in accordance with the provisions of Section 2.3 above. Provided that Lessor has received the Stipulated Loss Value for any Unit, Lessee shall be entitled to the proceeds of or any recovery in respect of such Unit from insurance or otherwise.