Common use of Casualty Occurrence Clause in Contracts

Casualty Occurrence. In the event any unit of Equipment is ------------------- damaged, destroyed, lost, stolen, or title thereto shall be requisitioned or taken by any governmental authority under power of eminent domain or otherwise, such fact shall promptly be reported by Lessee to Lessor. Lessee shall determine in the event of damage, whether such unit of Equipment can be repaired. In the event Lessee determines that such unit of Equipment can be repaired, Lessee shall cause such unit of Equipment to be repaired, at Lessee's expense, as soon as reasonably practicable. Lessee shall be entitled to reimbursement from and to the extent of any insurance proceeds paid with respect to a unit of Equipment repaired by Lessee. In the event Lessee determines that the unit of Equipment cannot be repaired or in the event of such destruction, loss, theft, requisition or taking of title, such unit of Equipment shall be deemed to have suffered a "Casualty Occurrence" and, as soon as reasonably practicable after the date of such Casualty Occurrence, Lessee shall either (at Lessee's option) (x) pay to Lessor a purchase price equal to such Equipment's fair market value (as defined in Section 23(h) hereof plus a lease termination fee equal to the present value (using a discount rate equal to the discount rate set forth on Schedule B (the "Discount Rate")) of the remaining Fixed Rent applicable to the subject Equipment less the fair market value of Lessee's remaining leasehold interest hereunder with respect to such Equipment, or (y) replace such item with any item or items of like kind equipment, in accordance with the terms set forth in Section 23(g) hereof. The repair or replacement of the Equipment as hereinabove provided shall not result in any abatement or reduction in, or in any other way affect, the rent to be paid with respect to such Equipment, it being expressly agreed that the Fixed Rent payable with respect thereto shall continue in the same amounts and be payable at the same times as prescribed on Schedule B hereto as if such repair or replacement did not occur. In the event Lessee elects (in lieu of replacing) to purchase any unit of Equipment, as described above, the Fixed Rent payable pursuant to Schedule B shall (as of the next rental payment) be reduced to an amount which bears the same relationship to the rental payable before such reduction as the value of Equipment leased after the Casualty Occurrence bears to the value of Equipment leased prior to the Casualty Occurrence.

Casualty Occurrence. In Lessee shall bear the event any unit risk if a Casualty Occurrence or other damage occurs to the Equipment from the date of Equipment is ------------------- damaged, destroyed, lost, stolen, or title thereto shall be requisitioned or taken by any governmental authority under power of eminent domain or otherwise, such fact shall promptly be reported by Lessee to Lessorthe Master Lease until all Obligations have been satisfied. Lessee shall determine give Lessor prompt notice of a Casualty Occurrence or other damage to the Equipment which does not constitute Reasonable Wear and Tear. If, in Lessor’s opinion, any damage to the event of damageEquipment is not a Casualty Occurrence, whether such unit of Lessee shall, at its expense, promptly restore the Equipment can be repairedto the condition required herein. In If the event Lessee determines that such unit of Equipment can be repaireddamage is a Casualty Occurrence, Lessee shall cause such unit pay to Lessor on the first Rent payment due date following the Casualty Occurrence (thirty (30) days after the Casualty Occurrence if there is no Rent payment due date remaining) all amounts then due under this Lease with respect to the item or component of the Equipment suffering said Casualty Occurrence (the “Casualty Impaired Equipment”), plus a sum equal to be repaired, at Lessee's expensethe applicable Casualty Value of the Casualty Impaired Equipment, as soon as reasonably practicableapplicable. Upon making this payment, the Term with respect to the Casualty Impaired Equipment shall terminate and Lessee shall be entitled to possession of the Casualty Impaired Equipment and shall be responsible for its sale or other disposition. Lessee shall be entitled to reimbursement any recovery from and insurance or otherwise, related to the Casualty Impaired Equipment to the extent it exceeds the amount of any insurance proceeds the Casualty Value paid with respect to a unit of Equipment repaired by Lessee. In the event Lessee determines that the unit of Equipment cannot be repaired or in the event of such destruction, loss, theft, requisition or taking of title, such unit of Equipment shall be deemed to have suffered a "Casualty Occurrence" and, as soon as reasonably practicable after the date of such Casualty Occurrence, Lessee shall either (at Lessee's option) (x) pay to Lessor a purchase price equal to such Equipment's fair market value (as defined in Section 23(h) hereof plus a lease termination fee equal to the present value (using a discount rate equal to the discount rate set forth on Schedule B (the "Discount Rate")) of the remaining Fixed Rent applicable to the subject Equipment less the fair market value of Lessee's remaining leasehold interest hereunder with respect to such Equipment, or (y) replace such item with any item or items of like kind equipment, in accordance with the terms set forth in Section 23(g) hereof. The repair or replacement of the Equipment as hereinabove provided shall not result in any abatement or reduction in, or in any other way affect, the rent to be paid with respect to such Equipment, it being expressly agreed that the Fixed Rent payable with respect thereto shall continue in the same amounts and be payable at the same times as prescribed on Schedule B hereto as if such repair or replacement did not occur. In the event Lessee elects (in lieu of replacing) to purchase any unit of Equipment, as described above, the Fixed Rent payable pursuant to Schedule B shall (as of the next rental payment) be reduced to an amount which bears the same relationship to the rental payable before such reduction as the value of Equipment leased after the Casualty Occurrence bears to the value of Equipment leased prior to the Casualty Occurrence.

Casualty Occurrence. In the event a) For purposes of this Lease, a “Casualty Occurrence” shall mean any unit Item of Equipment is ------------------- destroyed, irreparably damaged, destroyed, lost, stolen, or title thereto shall be requisitioned unaccounted for, or taken or requisitioned by condemnation or otherwise during the term of this Lease. b) In the event that any governmental authority under power Item of eminent domain or otherwiseEquipment shall suffer a Casualty Occurrence, such fact Lessee shall promptly be reported by Lessee to Lessorand fully inform Lessor with respect thereto. Lessee shall determine pay to Lessor, on the first day of the month following the giving of such notice, an amount (“Casualty Loss Value”) equal to the sum of: (i) the amount which will cause the Lessor to realize the same rate of return up to the date of the Casualty Occurrence that the Lessor would have realized had the Lease of the Equipment been in effect for the entire Lease Term; and (ii) all installments of rental then due with respect to that Item of Equipment. The total rental described in the event of damage, whether such unit Schedule A which contained an Item of Equipment can for which a Casualty Loss Value was paid, shall be repaired. In reduced by a percentage derived by dividing the event Lessee determines that such unit Cost of the Item of Equipment can experiencing the Casualty Occurrence by the Total Equipment Cost described in such Schedule A. Lessor shall be repaired, Lessee shall cause entitled to receive and retain any proceeds from any insurance with respect to such unit Item of Equipment up to be repairedthe amount of the Casualty Loss Value. Provided an Event of Default has not occurred and is continuing, at Lessee's expenseLessor shall pay over such insurance proceeds to Lessee to the extent such amounts exceed the Casualty Loss Value or the entire insurance proceeds received if Lessee has previously paid the Lessor the Casualty Loss Value. Upon Lessor’s receipt of such payment, as soon as reasonably practicable. Lessee shall be entitled to reimbursement from whatever interest Lessor may have in said Item of Equipment, in its then condition and to the extent of any insurance proceeds paid with respect to a unit of Equipment repaired by Lessee. In the event Lessee determines that the unit of Equipment cannot be repaired location, without warranties, express or in the event of such destructionimplied, loss, theft, requisition or taking of title, such unit of Equipment and this Lease shall be deemed to have suffered a "Casualty Occurrence" and, as soon as reasonably practicable after the date of such Casualty Occurrence, Lessee shall either (at Lessee's option) (x) pay to Lessor a purchase price equal to such Equipment's fair market value (as defined in Section 23(h) hereof plus a lease termination fee equal to the present value (using a discount rate equal to the discount rate set forth on Schedule B (the "Discount Rate")) of the remaining Fixed Rent applicable to the subject Equipment less the fair market value of Lessee's remaining leasehold interest hereunder terminate with respect to such Equipment, or (y) replace such item with any item or items of like kind equipment, in accordance with the terms set forth in Section 23(g) hereof. The repair or replacement of the Equipment as hereinabove provided shall not result in any abatement or reduction in, or in any other way affect, the rent to be paid with respect to such Equipment, it being expressly agreed that the Fixed Rent payable with respect thereto shall continue in the same amounts and be payable at the same times as prescribed on Schedule B hereto as if such repair or replacement did not occur. In the event Lessee elects (in lieu of replacing) to purchase any unit Item of Equipment, as described above, the Fixed Rent payable pursuant to Schedule B shall (as of the next rental payment) be reduced to an amount which bears the same relationship to the rental payable before such reduction as the value of Equipment leased after the Casualty Occurrence bears to the value of Equipment leased prior to the Casualty Occurrence.