Loss Payable. The loss, if any, under any policies of insurance of the character described in Section 11.1(A) shall be payable, and the insurance proceeds paid, on account of any such loss shall be applied and disbursed as follows:
Loss Payable a. The CSD Pool will pay the Member District and the loss payee shown in the Member District’s Equipment Breakdown Declarations for loss covered by this Equipment Breakdown Coverage, as interests may appear. The coverage of this Equipment Breakdown Coverage Document covers the interest of the loss payee unless the loss results from conversion, secretion or embezzlement on the part of the Member District or the loss payee.
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Vessel and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 1,000,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement or an event of default (howsoever described under any Swap Agreement) (as the case may be) in which event all claims shall be payable directly to the Agent up to the Lenders’ and the Swap Bank’s mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Assignor as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of Assignor’s actual costs in connection with repair, salvage and/or other charges.
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of any of the First Vessels and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 500,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement in which event all claims shall be payable directly to the Agent up to the Lenders’ and the Swap Bank’s mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Borrowers as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of Borrowers’ actual costs in connection with repair, salvage and/or other charges. Any amounts paid to any of the Borrowers directly shall be paid to the Earnings Account. 3 PLEDGE OF ACCOUNTS
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Vessel and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 1,000,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement in which event all claims shall be payable directly to the Agent up to the Lenders’ mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Borrower as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of Borrower’s actual costs in connection with repair, salvage and/or other charges. Any amounts paid to the Borrower directly shall be paid to the Earnings Account.
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Vessel and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 500,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement in which event all claims shall be payable directly to the Agent up to the Lenders’ and the Swap Bank’s mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Assignor as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of the Assignor’s actual costs in connection with repair, salvage and/or other charges. Any amounts paid to the Assignor directly shall be paid to the Earnings Account.
Loss Payable. Notwithstanding anything contained in the Policy, including without limitation Section 5 of the Policy, Insurer agrees that neither Assignor’s nor Assignee’s receipt of any partial payment on the Claim shall release Insurer of any of its obligations under the Policy to pay Assignee the “Replacement Cost Value” (as such term is defined in the Policy), with respect to the Claim and the Insured Event.
Loss Payable. Unless and until you are instructed otherwise, payments payable as a result of (i) an actual or constructive or agreed or arranged or compromised total loss, (ii) requisition for title or other compulsory acquisition of the Rig or (iii) claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 25,000,000, shall be paid directly to the Agent. Compensation for loss from a single casualty may however, upon presentation of a receipted invoice for repairs carried out, be paid by the insurer. Please acknowledge that if the insurance contract has been amended or cancelled, the rights of the Mortgagee shall not be affected unless the insurer has given him specific notice of not less than fourteen days. Further, the Agent shall be advised:
Loss Payable. Any amount for which Insurers are liable under this Policy shall be due and payable to the Insured set out in Item 1 of this Schedule. Such amount shall be paid within ninety days after it is agreed by Insurers.
Loss Payable. Loss, if any, at the option of the Insurer, to be adjusted with and paid to the Insured for account of whom it may concern, or adjusted with and paid direct to its customers.
