TOTAL LOSS PAYMENT Sample Clauses
TOTAL LOSS PAYMENT. Not later than the earlier of (a) the thirtieth (30th) day following the occurrence of such Total Loss or (b) the second (2nd) day following receipt by the loss payee of the insurance proceeds in respect of such Total Loss (the "Payment Due Date"), Lessee shall pay to Lessor (or, so long as the Lender's Lien shall not have been discharged, Lender) the rent and any other amounts which would have been due on that date pursuant to the terms of this Lease, plus the Stipulated Loss Value of the Aircraft, calculated as of the next scheduled rent payment date after such Total Loss (the "Calculation Date"), plus interest thereon, at the Late Charge Rate from the Payment Due Date until such amount is paid in full (less any net insurance proceeds or net condemnation award actually paid). Without waiving Lessee's obligation to pay such amounts on a timely basis, Lessee shall continue to make all scheduled rent and other payments to Lessor (or, so long as the Lender's Lien shall not have been discharged, Lender) on the due date therefor until the Stipulated Loss Value is fully and finally paid; and Lessee shall be entitled to a credit against its obligation to pay the Stipulated Loss Value in the amount of any rental payments payable and received in good collected funds after the Calculation Date or with respect to any period after the Payment Due Date.
TOTAL LOSS PAYMENT. The Total Loss Payment will be due on the next Rent payment date following the earlier of (i) receipt of insurance proceeds relating to the Total Loss or (ii) 90 days from the date of the Total Loss. The Total Loss Payment will equal the Rent and other amounts due Lessor up to and including such next Rent payment date plus the Stipulated Loss Value. The Stipulated Loss Value, which represents liquidated damages for loss of a bargain, consists of: (i) the Total Equipment Cost specified in the Lease for the Equipment subject to the Total Loss, multiplied by (ii) the percentage factor for the next Rent payment date shown on the Table of Stipulated Loss Values attached to the Lease, plus (iii) Taxes imposed on Lessor relating to the Total Loss, if any. After Lessor receives the Total Loss Payment, the Lease on the Equipment subject to the Total Loss will terminate, and Lessor will transfer the Equipment to Lessee on an "as is, where is" basis without recourse and without representation or warranty (express or implied), except that the Equipment will be clear of Lessor Liens.