Common use of PAYMENT OF LOSS AND TERMINATION OF LEASE Clause in Contracts

PAYMENT OF LOSS AND TERMINATION OF LEASE. (a) If Lessee elects, in accordance with ss. 10.1. 1, to make payment in respect of any such Event oF Loss, then Lessee shall pay, in the manner and in funds of the type specified in ss. 3.3, the following amounts: (1) on the date (the "LOSS PAYMENT DATE") that is the earlier of (x) the Stipulated Loss Value Date first following the 75th day following the date of the occurrence of such Event of Loss, and (y) the Stipulated Loss Value Date first following the fourth Business Day following the receipt of the insurance proceeds with respect to such occurrence (but in any event not earlier than the date of Lessee's election under ss. 10.1.1 to make payment under this ss.

PAYMENT OF LOSS AND TERMINATION OF LEASE. (a) If Lessee elects, in accordance with ss. 10.1. 110.1.1, to make payment in respect of any such Event oF of Loss, then Lessee shall pay, in the manner and in funds of the type specified in ss. 3.3, the following amounts: (1) on the date (the "LOSS PAYMENT DATE") that is the earlier of (x) the Stipulated Loss Value Date first following the 75th day following the date of the occurrence of such Event of Loss, and (y) the Stipulated Loss Value Date first following the fourth Business Day following the receipt of the insurance proceeds with respect to such occurrence (but in any event not earlier than the date of Lessee's election under ss. 10.1.1 to make payment under this ss.