Common use of STIPULATED LOSS VALUE Clause in Contracts

STIPULATED LOSS VALUE. Lessees shall promptly and fully notify Lessor in writing if any unit of Equipment shall be or become worn out, lost, stolen, destroyed, irreparably damaged in the reasonable determination of Lessees, or permanently rendered unfit for use from any cause whatsoever including, but not limited to, the exercise of eminent domain or condemnation rights (such occurrences being hereinafter called "Casualty Occurrences"). On the rental payment date next succeeding a Casualty Occurrence (the "Payment Date"), Lessees shall either (as selected by Lessees): (a) replace the unit of Equipment having suffered the Casualty Occurrence with equipment of comparable make and model, having an equal or greater value, utility and remaining useful life assuming that such Equipment has been maintained in accordance with the provisions of this Agreement (as reasonably determined by Lessor for all Equipment other than Equipment having an aggregate value of less than $100,000), free and clear of all liens and encumbrances, and shall deliver to Lessor a b▇▇▇ of sale, an Equipment Schedule, such Uniform Commercial Code financing statements or statements of amendment and such other documents, instruments, filings and/or certificates as reasonably may be required by Lessor with respect to such replacement Equipment; or (b) pay Lessor the sum of (x) the Stipulated Loss Value of such unit calculated in accordance with Annex D to the applicable Schedule as of the rental payment date next preceding such Casualty Occurrence ("Calculation Date"); and (y) all Rents, rental and other amounts which are due hereunder as of the Payment Date. Upon payment of all sums due hereunder, the Term of this lease as to such unit shall terminate and (except in the case of the loss, theft or complete destruction of such unit) Lessor shall be entitled to recover possession of such unit.

STIPULATED LOSS VALUE. Lessees Lessee shall promptly and fully notify Lessor in writing if any unit of Equipment shall be or become worn out, lost, stolen, destroyed, irreparably damaged in the reasonable determination of LesseesLessee, or permanently rendered unfit for use from any cause whatsoever including, but not limited to, the exercise of eminent domain or condemnation rights (such occurrences being hereinafter called "Casualty Occurrences"). On the rental payment date Rental Payment Date next succeeding a Casualty Occurrence (the "Payment Date"), Lessees Lessee shall either (as selected by LesseesLessee): (a) replace the unit of Equipment having suffered the Casualty Occurrence with equipment of comparable make and model, having an equal or greater value, utility value and remaining useful life assuming that such Equipment has been maintained in accordance with the provisions of this Agreement (as reasonably determined by Lessor for all Equipment other than Equipment having an aggregate value of less than $100,000)utility, free and clear of all liens and encumbrances, and shall deliver to Lessor a b▇▇▇▇ of sale, an Equipment Schedule, such Uniform Commercial Code financing statements or statements of amendment and such other documents, instruments, filings and/or certificates as reasonably may be required by Lessor with respect to such replacement Equipment; or (b) pay Lessor the sum of (x) the Stipulated Loss Value of such unit calculated in accordance with Annex D to the applicable Schedule as of the rental payment date Rent Payment Date next preceding such Casualty Occurrence ("Calculation Date"); and (y) all Rents, rental and other amounts which are due hereunder as of the Payment Date. Upon payment of all sums due hereunder, the Term term of this lease as to such unit shall terminate and (except in the case of the loss, theft or complete destruction of such unit) Lessor shall be entitled to recover possession of such unit.

STIPULATED LOSS VALUE. Lessees Sublessee shall promptly and fully notify Lessor Sublessor in writing if any unit of Equipment shall be or become worn out, lost, stolen, destroyed, irreparably damaged in the reasonable determination of LesseesSublessee, or permanently rendered unfit for use from any cause whatsoever including, but not limited to, the exercise of eminent domain or condemnation rights (such occurrences occurrence being hereinafter called "Casualty Occurrences"). On the rental payment date next succeeding a Casualty Occurrence (the "Payment Date"), Lessees Sublessee shall either (as selected by Lessees): (a) replace the unit of Equipment having suffered the Casualty Occurrence with equipment of comparable make and model, having an equal or greater value, utility and remaining useful life assuming that such Equipment has been maintained in accordance with the provisions of this Agreement (as reasonably determined by Lessor for all Equipment other than Equipment having an aggregate value of less than $100,000), free and clear of all liens and encumbrances, and shall deliver to Lessor a b▇▇▇ of sale, an Equipment Schedule, such Uniform Commercial Code financing statements or statements of amendment and such other documents, instruments, filings and/or certificates as reasonably may be required by Lessor with respect to such replacement Equipment; or (b) pay Lessor Sublessor the sum of (x) the Stipulated Loss Value of such unit calculated in accordance with Annex D to the applicable Schedule Master Lease, which is incorporated herein by reference as of the rental payment date next preceding such Casualty Occurrence ("Calculation Date"); and (y) all Rents, rental and other amounts which are due hereunder as of the Payment Date. In addition to the amounts required to be paid by Sublessee on any Rent Payment Date pursuant to the preceding clauses (x) and (y), Sublessee shall also pay to Sublessor the amount of any swap breakage loss incurred by Lessor and/or any Participant (as such term is hereinafter defined) as a result of or in connection with such payment on such Rent Payment Date. As used herein, "Swap Breakage Loss" shall include LIBOR and other funding breakage costs, if any, and may be determined by Lessor and any Participant by reference to the Standard International Swap Dealers Association calculation for "Loss." Upon payment of all sums due hereunder, the Term term of this lease Sublease as to such unit shall terminate and (except in the case of the loss, theft or complete destruction of such unit) Lessor shall be entitled to recover possession of such unit.

STIPULATED LOSS VALUE. Lessees Sublessee shall promptly and fully notify Lessor Sublessor in writing if any unit of Equipment shall be or become worn out, lost, stolen, destroyed, irreparably damaged in the reasonable determination of LesseesSublessee, or permanently rendered unfit for use from any cause whatsoever including, but not limited to, the exercise of eminent domain or condemnation rights (such occurrences occurrence being hereinafter called "Casualty Occurrences"). On the rental payment date next succeeding a Casualty Occurrence (the "Payment Date"), Lessees Sublessee shall either (as selected by Lessees): (a) replace the unit of Equipment having suffered the Casualty Occurrence with equipment of comparable make and model, having an equal or greater value, utility and remaining useful life assuming that such Equipment has been maintained in accordance with the provisions of this Agreement (as reasonably determined by Lessor for all Equipment other than Equipment having an aggregate value of less than $100,000), free and clear of all liens and encumbrances, and shall deliver to Lessor a b▇▇▇ of sale, an Equipment Schedule, such Uniform Commercial Code financing statements or statements of amendment and such other documents, instruments, filings and/or certificates as reasonably may be required by Lessor with respect to such replacement Equipment; or (b) pay Lessor Sublessor the sum of (x) the Stipulated Loss Value of such unit calculated in accordance with Annex D to the applicable Schedule Master Lease, which is incorporated herein by reference as of the rental payment date next preceding such Casualty Occurrence ("Calculation Date"); and (y) all Rents, rental and other amounts which are due hereunder as of the Payment Date. Upon payment of all sums due hereunder, In addition to the Term of this lease as amounts required to such unit shall terminate be paid by Sublessee on any Rent Payment Date pursuant to the preceding clauses (x) and (except y), Sublessee shall also pay to Sublessor the amount of any swap breakage loss incurred by Lessor and/or any Participant (as such term is hereinafter defined) as a result of or in the case of the lossconnection with such payment on such Rent Payment Date. As used herein, theft or complete destruction of such unit) Lessor shall be entitled to recover possession of such unit."