Loss Payable Clauses Sample Clauses

Loss Payable Clauses. Each Assignor shall ensure that: all Insurances, as such Insurances relate to the Collateral Rig, in respect of hull and machinery (including hull interest insurance, increased value insurance, freight interest insurances, if any and war risk) shall contain a loss payable clause in substantially the form attached hereto as Exhibit 1. Insurances for the Collateral Rig in respect of:
AutoNDA by SimpleDocs
Loss Payable Clauses. The contracts of insurance required by this Section shall contain standard loss payable clauses in favor of any Permitted Leasehold Mortgagee, the Lessor, and the Lessee as their respective interests may appear.
Loss Payable Clauses. The Assignor shall ensure that: (1) all Insurances, except entries in Protection and Indemnity Associations or Clubs or insurances effected in lieu of such entries, relating to the Vessel shall contain a loss payable and notice of cancellation clause in substantially the form annexed hereto as Exhibit 1.
Loss Payable Clauses all proceeds of, and other monies payable under, the Insurances in relation to any Equipment shall be payable in accordance with the terms of the relevant Loss Payable Clause in relation to that Equipment and none of the parties hereto will in the meantime give any notification to any person in respect of, or otherwise in connection with, the Insurances (or any of them) in relation to any Equipment which would or might reasonably be expected to result in any monies payable under those Insurances being paid other than in accordance with the terms of the relevant Loss Payable Clause in relation to that Equipment;
Loss Payable Clauses. Each of the Obligors undertakes and agrees to procure that each of the Loss Payable Clauses in relation to any Equipment are validly and effectively endorsed on each of the policies and/or certificates of entry relating to the Insurances in relation to that Equipment.
Loss Payable Clauses. Loss Payable Clause for hull and machinery (marine and war risks) insurances By a first priority Deed of Assignment dated [date] [insert the name of Owner] of [insert address of Owner] (the Owner) has assigned to Citibank, N.A., London Branch of Citigroup Centre, Canada Square, London E14 5LB, UK (the Security Agent) all the Owner’s rights under and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. “[insert name of Vessel]” and accordingly all claims under this policy shall be paid to [insert details of the relevant Owner’s Earnings Account] unless and until the Security Agent shall have notified the insurers under this policy to the contrary, whereupon all such claims shall be paid to the Security Agent or to its order Loss Payable Clause for protection and indemnity risks cover Payment of any recovery which [insert name of Owner] of [insert address of Owner] (the Owner) is entitled to make out of the funds of the Association in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order, unless and until the Association receives notice to the contrary from Citibank, N.A., London Branch of Citigroup Centre, Canada Square, London E14 5LB, UK (the Security Agent) in which event all recoveries shall after such time be paid to the Security Agent or its order; provided always that no liability whatsoever shall attach to the Association, its Managers or their agents for failure to comply with the latter obligation until the expiry of two (2) clear business days from the receipt of such notice. SCHEDULE 20 CHARTERER NOTICE (PART 1) To: [•] From: [insert name of Owner] Date: [•] Dear Sirs,

Related to Loss Payable Clauses

  • Limitations on Shared-Loss Payment The Receiver shall not be required to make any payments pursuant to Section 2.1(d) with respect to any Foreclosure Loss, Restructuring Loss, Short Sale Loss, Deficient Loss, or Portfolio Loss that the Receiver determines, based upon the criteria set forth in this Single Family Shared-Loss Agreement (including the analysis and documentation requirements of Section 2.1(a)) or Customary Servicing Procedures, should not have been effected by the Assuming Institution; provided, however, (x) the Receiver must provide notice to the Assuming Institution detailing the grounds for not making such payment, (y) the Receiver must provide the Assuming Institution with a reasonable opportunity to cure any such deficiency and (z) (1) to the extent curable, if cured, the Receiver shall make payment with respect to the properly effected Loss, and (2) to the extent not curable, shall not constitute grounds for the Receiver to withhold payment as to all other Losses (or portion of Losses) that are properly payable pursuant to the terms of this Single Family Shared-Loss Agreement. In the event that the Receiver does not make any payment with respect to Losses claimed pursuant to Section 2.1(d), the Receiver and Assuming Institution shall, upon final resolution, make the necessary adjustments to the Monthly Shared-Loss Amount for that Monthly Certificate and the payment pursuant to Section 2.1(d) above shall be adjusted accordingly.

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!