Common use of Loss Payable Clause in Contracts

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 extended, 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. 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 extended, 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: