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<br /> 451:.
<br /> "Casualty Payment" means, with respect to any item of Equipment as to which &1 Event of Loss has occurred,
<br /> a payment in an amount equal to the "Stipulated Loss Value" (defined below) of such Equipment determined
<br /> as of the date such Casualty Payment is due and payable less the net amount of recovery, if any, actually
<br /> received by Lessor on or prior to the date such Casualty Payment is due and payable ITom insurance or
<br /> otherwise in respect of such Event of Loss.
<br /> In the event that the Equipment or any portion thereof is datpag~d, but. not in a manner that constitutes an
<br /> Event of Loss under this Lease, then Lessee shall promptly notif)' Lessor of the occurrence of such damage
<br /> and shall payor cause to be paid to Lessor all insurance proceeds, if any, received by Lessee and payable as
<br /> a result of such damage, not later than the earlier of (a) the date that is sixty (60) days subsequent to the date
<br /> such damage occurred or (b) the date of receipt of the insurance proceeds. Lessee shall thereafter or
<br /> - simultaneously therewith submit to Lessor a written cost estimate to repair any damaged item of Equipment
<br /> to a condition equal to the condition of the Equipment before the damage occurred, ITom a repair facility
<br /> selected by Lessee, and Lessor shall disburse to Lessee, or directly to such repair facility, at Lessor's discretion,
<br /> ITom the insurance proceeds the amount necessary to effect the repair. In the event that the costs thereof are
<br /> paid by Lessor directly to Lessee, then all costs of such repair shall be promptly paid by Lessee and Lessee shall
<br /> not pennit any liens to attach or remain attached to such Equipment.
<br /> 15. STIPULATED LOSS VALUE. SCHEDULE OF STJPULATED LOSS PERCENTAGES. A
<br /> "Schedule of Stipulated Loss Percentages" is attached to or referred to in the Equipment Schedule. For
<br /> purposes of this Lease, the term "Stipulated Loss Value" means, with respect to any item of Equipment, an
<br /> amount equal to the amount obtained by multiplying the "Stipulated Loss Percentage" (defined below) of such
<br /> item of Equipment times the original cost thereof, as such original cost is set forth in the Equipment Schedule,
<br /> or if not set forth therein, as reasonably detennined by Lessor. For purposes of this f-ease, the terni. "Stipulated
<br /> Loss Percentage" means, with respect to any item of Equipment, the percentage set forth in the Schedule of
<br /> Stipulated Loss Percentages attached to or referred to in the Equipment Schedule that corresponds to the
<br /> "Basic Rent Payment Date" (defined in the Equipment Schedule) through which rental payments on such
<br /> Equipment have actually been paid as of the date that the Stipulated Loss Value of such item of Equipment
<br /> is detennined. Under no circumstances shall the specifìcation of Stipulated Loss Values be construed, whether
<br /> alone or in conjunction with any other provisions hereof, to grant Lessee any right to purchase the Equipment
<br /> for the amount of any such Stipulated Loss Value.
<br /> 16. T AXES. Lessee shall pay promptly, when the same become due, and shall indemnifY and hold
<br /> harmless Lessor ITom and against payment of, all license fees, registration fees, assessments, and sales, use,
<br /> ~~ property, excise and other taxes now or hereafter imposed by any federal, state or local government on or
<br /> against the Equipment based on the ownership, lease, rental, sale, possession or use of the Equipment, whether
<br /> the charge is assessed against Lessor or Lessee, as well as any related penalties or interest, excluding, however,
<br /> any ta.x or payment in lieu of tax imposed on or measured by Lessor's net income, and Lessee will do
<br /> everything required of Lessor in connection with said fees, assessments and taxes. All billings and other
<br /> notices regarding such fees, assessments and taxes shall, at Lessor's option, be either in the name of the Lessor
<br /> and addressed to the Lessor, or in the name of the Lessee and in care of the Lessor. From time to time, when
<br /> Lessor requests, Lessee shall provide written proof of payment of all obligations mentioned in this Section.
<br /> Personal property and any other ta.x returns for the Equipment shall be filed by the Lessor, either in the name
<br /> of the Lessee or the Lessor, as determined by Lessor. Lessee hereby agrees that Lessor shall have no duty or
<br /> obligation whatsoever to contest any license fees, registration fees, assessments, or sales, use, property, excise,
<br /> or other taxes now or hereafter imposed by any federal, state or local government on or against the Equipment
<br /> based on the ownership, lease, rental, sale, possession or use of the Equipment. Lessee shall have the right
<br /> to contest in good faith by appropriate proceedings maintained in its own name or in the name of Lessor any
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