Common use of DAMAGE RESPONSIBILITY Clause in Contracts

DAMAGE RESPONSIBILITY. Ryder agrees that BMC is responsible for loss or damage to the TSP Vehicle during the term of the Short-Term TSP Lease, including responsibility for the required deductible (except to the extent set forth otherwise in this Master Lease and the TSP Documents). In no event shall Ryder be responsible for any loss or damage to the TSP Vehicle or for BMC’s deductible. In the event of a theft of the TSP Vehicle or a total loss for which BMC is responsible, Ryder agrees that BMC will pay to Ryder the TSP Vehicle’s actual cash value and Ryder will pay to LP such proceeds received from BMC. IF THE LP LEASES OR FINANCES THE TSP VEHICLE (WHETHER FROM RYDER TRUCK RENTAL, INC. D/B/A RYDER TRANSPORTATION SERVICES OR FROM A THIRD PARTY), IT IS POSSIBLE THE ACTUAL CASH VALUE OF THE TSP VEHICLE MAY BE LESS THAN ANY “SCHEDULE A” VALUE OR OTHER AMOUNT YOU MAY OWE TO YOUR LESSOR OR FINANCING COMPANY IN THE EVENT OF A THEFT OR A TOTAL LOSS OF THE TSP VEHICLE. IT IS THE LP’S RESPONSIBILITY TO UNDERSTAND THE TERMS OF SUCH TLSA, VEHICLE LEASE OR FINANCING AGREEMENT AND THE IMPACT PARTICIPATION IN THE TSP MAY HAVE ON YOUR OBLIGATIONS TO SUCH LESSOR AND FINACING COMPANY. ANY AMOUNTS LP MAY OWE TO ITS LESSOR OR FINANCING COMPANY IN EXCESS OF THE ACTUAL CASH VALUE ARE THE SOLE RESPONSIBILITY OF LP.