Common use of Payment of Stipulated Loss Value Clause in Contracts

Payment of Stipulated Loss Value. If the Facility or any substantial part thereof shall suffer an Event of Loss or substantial destruction, damage, loss, condemnation, confiscation, theft or seizure for any reason whatsoever, such fact shall promptly, and in any event within five Business Days, be reported by Lessee to each Lessor Party. If an Event of Loss shall occur, Lessee shall pay as compensation for the Event of Loss the Stipulation Loss Value determined as of the Rent Date next preceding the occurrence of the Event of Loss. From the date of the Event of Loss to and including the date of payment of such Stipulated Loss Value hereinafter specified, all Rent shall continue to the paid when due. Such Stipulated Loss Value shall be paid on the Rent Date next succeeding the occurrence of the Event of Loss, unless the Event of Loss shall have occurred less than 30 days prior to such Rent Date, in which case such Stipulated Loss Value, together with interest thereon at the Payment Rate from such Rent Date to and including the date of payment, shall be paid on the 60th day after the date of such occurrence. Upon payment in full of such Stipulated Loss Value, together with all Rent due and owing through and including the date of such payment and such interest, if any, the Term shall end and Lessor shall Transfer the Facility to Lessee.