Total Loss Termination Sample Clauses

Total Loss Termination. If circumstances exist giving rise to a Total Loss, the Charterers shall promptly notify the Owners of the facts of such Total Loss. If the Charterers wish to proceed on the basis of a Total Loss and advise the Owners thereof, the Owners shall agree to the Vessel being treated as a Total Loss for all purposes of this Charter. The Owners shall thereupon abandon the Vessel to the Charterers and/or execute such documents as may be required to enable the Charterers to abandon the Vessel to insurers and claim a Total Loss.
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Total Loss Termination. In the event of actual or constructive total loss of the FPSO occurring for any reason whatsoever at any time during the Term, this Charter shall be deemed terminated as of, but Charterer shall continue to pay full Hire Rate due under this Charter for a period of sixty (60) Days after, the date of said loss (or if the time of such loss is uncertain, then such loss shall be deemed to have occurred on the date the FPSO was last heard from). On the sixty-first (61st) Day after such loss, all Hire Rate and other compensation due under this Charter shall cease without any notice from Charterer to Owner. After such Loss, Owner shall file and use Best Efforts to pursue all insurance claims it might have pursuant to any insurances it has on the FPSO to protect against such total loss. Should Owner receive any insurance proceeds for the loss of the FPSO, Owner shall promptly reimburse Charterer the amount of all Hire Rate and other payments, if any, made by Charterer to Owner after the date of such loss. Any amounts owing by Owner to Charterer under this Clause 21.1 shall constitute a debt of Owner to Charterer until same is paid in full. In the case of any termination under this Clause 21.1, the Early Termination Payment and Demobilization Costs shall not be payable. No other payments shall be due from Charterer other than accrued but unpaid Hire Rate up to the sixtieth (60th) Day after such loss.
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Total Loss Termination. In the event of actual or constructive total loss of the FPSO occurring for any reason whatsoever at any time during the Term, this Agreement shall be deemed terminated as of such loss, but Company shall continue to pay full O&M Compensation if any is due under this Agreement for a period of sixty (60) Days after the date of said loss (or if the time of such loss is uncertain, then such loss shall be deemed to have occurred on the date the FPSO was last heard from). On the sixty-first (61st) Day after such loss, all O&M Compensation and other compensation due under this Agreement shall cease without any notice from Company to Contractor. After such loss, Contractor shall file and use Best Efforts to pursue all insurance claims it might have pursuant to any insurances it has on the FPSO. Should Contractor receive any insurance proceeds for the loss of the FPSO, Contractor shall promptly reimburse Company the amount of all O&M Compensation and other payments made by Company to Contractor after the date of such loss. Any amounts owing by Contractor to Company under this Clause 30.1 shall constitute a debt of Contractor to Company until same is paid in full. In the case of any termination under this Clause 30.1, the Demobilization Costs shall not be payable. No other payments shall be due from Company other than accrued but unpaid O&M Compensation to the date of such loss.
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Related to Total Loss Termination

  • Cross-Termination Notwithstanding any other provision of this Agreement, (1) BNY Mellon may terminate this Agreement by written notice to Voya if the accounting agreement between the Voya Funds and The Bank of New York Mellon is terminated by either the Voya Funds or The Bank of New York Mellon, effective on the date of termination of such accounting agreement, and (2) Voya may terminate this Agreement if the Voya Funds terminate their accounting agreement with The Bank of New York Mellon for cause, effective on the date of termination of such accounting agreement.

  • 1Termination This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the right of any party to xxx for any breach by any other party (or parties).

  • Extraordinary Termination This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned.

  • Disability Termination The term "Disability Termination" for ---------------------- purposes of this Agreement shall mean a termination of Executive's employment on or after the date Executive has a right immediately upon such termination to receive disability income benefits under SunTrust's long term disability plan or any successor to or replacement for such plan.

  • Event of Termination As soon as reasonably practicable and in any event within two (2) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Termination or Incipient Event of Termination (if such Incipient Event of Termination is continuing on the date of such notice), the statement of a Responsible Officer of the Borrower setting forth the details of such Event of Termination or Incipient Event of Termination and the action which the Borrower is taking or proposes to take with respect thereto.

  • Company Termination The Company may at any time in its sole discretion terminate (a “Company Termination”) this Agreement and its right to initiate future Tranches by providing 30 days advanced written notice (“Termination Notice”) to Investor.

  • Default Termination a. In the event that the Property has been sold contrary to or any person bids in contravention of the provisions in Clause 4 above, then such sale shall be cancelled and become null and void and of no further effect wherein all monies paid by the Purchaser hitherto including the Deposit shall be forfeited absolutely and immediately.

  • Involuntary Termination “Involuntary Termination” shall mean (i) without the Employee’s express written consent, the significant reduction of the Employee’s duties or responsibilities relative to the Employee’s duties or responsibilities in effect immediately prior to such reduction; provided, however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Financial Officer of Company remains as such following a Change of Control and is not made the Chief Financial Officer of the acquiring corporation) shall not constitute an “Involuntary Termination”; (ii) without the Employee’s express written consent, a substantial reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) without the Employee’s express written consent, a material reduction by the Company in the Base Compensation or Target Incentive of the Employee as in effect immediately prior to such reduction, or the ineligibility of the Employee to continue to participate in any long-term incentive plan of the Company; (iv) a material reduction by the Company in the kind or level of employee benefits to which the Employee is entitled immediately prior to such reduction with the result that the Employee’s overall benefits package is significantly reduced; (v) the relocation of the Employee to a facility or a location more than 50 miles from the Employee’s then present location, without the Employee’s express written consent; (vi) any purported termination of the Employee by the Company which is not effected for death or Disability or for Cause; or (vii) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 10 below.

  • Termination Giving Rise to a Termination Payment If there is a Covered Termination by the Executive for Good Reason, or by the Company other than by reason of (i) death, (ii) disability pursuant to Section 11, or (iii) Cause, then the Executive shall be entitled to receive, and the Company shall promptly pay, Accrued Benefits and, in lieu of further base salary for periods following the Termination Date, as liquidated damages and additional severance pay and in consideration of the covenant of the Executive set forth in Section 13(a), the Termination Payment pursuant to Section 8(a).

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