Common use of Payment of Special Casualty Value Clause in Contracts

Payment of Special Casualty Value. If events giving rise to a Deemed Loss Event shall occur, the party hereto having knowledge thereof shall promptly notify the other party of the occurrence thereof (provided that the failure by the Lessor to furnish to the Lessee the foregoing notice shall not impair the rights of the Lessor referred to below) and at any time thereafter, the Lessor may demand, by written notice to the Lessee, that the Lessee pay, and the Lessee shall pay, on the date specified in such notice, to the Lessor (A) an amount equal to the excess of (i) Special Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the immediately succeeding Basic Rent Payment Date, in all other cases (except that if such Deemed Loss Event occurs on a Basic Rent Payment Date, the Special Casualty Value shall be determined as of such Basic Rent Payment Date), over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of the Notes on such date, together with (B) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Lessor shall, so long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of a Deemed Loss Event the Lessor may), Transfer the Undivided Interest, subject to the Lien of the Indenture, to the Lessee or an Affiliate thereof, as may be designated in the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If following the occurrence of a Deemed Loss Event, the Lessor or the Owner Participant shall have received Net Special Casualty Value and the Lessor and the Owner Participant shall have received all other amounts due and owing to them by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed all obligations and liabilities of the Owner Trustee under the Indenture and Notes pursuant to Section 3.9(b) of the Indenture, the Owner Participant shall effect the Special Transfer, in which case, without further act on the part of the Lessor or the Lessee, the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal, premium, if any, and accrued interest then payable on all Notes Outstanding.

Payment of Special Casualty Value. If events giving rise to a Deemed Loss Event shall occuroccurs, the party hereto having knowledge thereof shall promptly notify the other party of the occurrence thereof (provided that the failure by the Lessor to furnish to the Lessee the foregoing notice notification shall not impair the rights right of the Lessor to exercise the option referred to below) and and, at any time thereafterthe Lessor's option, the Lessor may demand, exercisable by delivery of written notice to the Lessee, that on the Lessee payday (specified in Schedule 2) of the month next following the month during which such notice is delivered to the Lessee, and the Lessee shall pay, on the date specified in such notice, pay to the Lessor (A) an amount equal to the excess of (i) Special Casualty Value, determined Value deter mined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the immediately succeeding Basic Rent Payment Date, in all other cases (except that if such Deemed Loss Event occurs on a Basic Rent Payment Date, the Special Casualty Value shall be determined as of such Basic Rent Payment Date), due over (iiij) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of the Notes on such date, together with (B) any other amounts of Supplemental Rent then dueday. If Upon compliance in full by the Lessee shall have made such payment with the foregoing provisions of this Section 9(d) and shall have assumed assumption by the Lessee of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Lessor shall, shall (so long as no Default or Event of Default shall have occurred and be continuing (continuing) , and at any time after the occurrence of a Deemed Loss Event Event, the Lessor may), Transfer the Undivided Interest, subject to Interest and the Lien of the Indenture, to the Lessee or an Affiliate thereof, as may be designated in the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, Real Property Interest to the Lessee. If following the occurrence of a Deemed Loss Event, the Lessor or the Owner Participant shall have received Net Special Casualty Value and the Lessor and the Owner Participant shall have received all other amounts due and owing to them by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed all the' liabilities and obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to in accordance with Section 3.9(b) of the Indenture, but the Owner Participant shall effect the Special Transfer, in which case, without further act on the part have received under Section 5.2 of the Indenture all amounts required to be paid by the Lessee pursuant to this Section 9(d) (including interest, if any, thereon pursuant to Section 3(b)(iii)), the Lessor or shall retain the LesseeUndivided Interest and the Real Property Interest subject to the terms of this Facility Lease and Section 7(b) (4) of the Participation Agreement; provided, however, that (i) the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable amount on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal, premium, if any, and accrued interest then payable on all Notes OutstandingOutstanding and (ii) this Facility Lease shall become a security agreement for all purposes of Applicable Law.

Payment of Special Casualty Value. If events giving rise to a Deemed Loss Event shall occuroccurs, the party hereto having knowledge thereof shall promptly notify and, at the other party Lessor's option, on the day of the occurrence thereof month (provided that specified in Schedule 4) next following the failure by month during which the Lessor to furnish to the Lessee the foregoing notice shall not impair the rights of the Lessor referred to below) and at any time thereafterDeemed Loss Event occurs, the Lessor may demand, by written notice to the Lessee, that the Lessee pay, and the Lessee shall pay, on the date specified in such notice, pay to the Lessor (A) on such day an amount equal to the excess of (i) Special Casualty Value, Value determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the immediately succeeding Basic Rent Payment Date, in all other cases (except that if such Deemed Loss Event occurs on a Basic Rent Payment Date, the Special Casualty Value shall be determined as of such Basic Rent Payment Date), due over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment instalment due and payable and paid in respect of the Notes on such date, together with (B) any other amounts of Supplemental Rent then dueday. If Upon compliance in full by the Lessee shall have made such payment with the foregoing provisions of this Section 9(d) and shall have assumed assumption by the Lessee of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Lessor shall, shall (so long as no Default or Event of Default shall have occurred and be continuing (continuing), and at any time after the occurrence of a Deemed Loss Event Event, the Lessor may), Transfer the Undivided Interest, subject to Interest and the Lien of the Indenture, to the Lessee or an Affiliate thereof, as may be designated in the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, Real Property Interest to the Lessee. If following the occurrence of a Deemed Loss Event, the Lessor or the Owner Participant shall have received Net Special Casualty Value and the Lessor and the Owner Participant shall have received all other amounts due and owing to them by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed all the liabilities and obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to in accordance with Section 3.9(b) of the IndentureIndenture but shall have paid all amounts required by this Section 9(d), the Owner Participant Lessor shall effect retain the Special Transfer, in which case, without further act on Undivided Interest and the part Real Property Interest subject to the terms of this Facility Lease and Section 7(b) (4) of the Lessor or the LesseeParticipation Agreement; provided, however, that (i) the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable amount on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal, premium, if any, and accrued interest then payable on all Notes OutstandingOutstanding and (ii) this Facility Lease shall become a security agreement for all purposes of Applicable Law.