Loss Payable Clause definition

Loss Payable Clause means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be incorporated in the relevant insurance documents, such Loss Payable Clauses to be in the forms set out in Appendix A and Appendix B of Schedule 1 to the Insurance Assignment, or in such other forms as may from time to time be agreed in writing by the Collateral Agent.

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Loss Payable Clause. The provisions regulating the manner of payment of sums receivable under the Insurance which are to be incorporated in the relevant insurance document, such Loss Payable Clauses to be in the forms set out in Paragraph D (1) hereinbelow, or such other form as may from time to time be approved in writing by the Bank;

Loss Payable Clause means, in relation to a Rig, the provisions regulating the manner of payment of sums receivable under the Insurances relating to that Rig which are to be incorporated in the relevant insurance documents, such Loss Payable Clause to be in the form set out in Schedule 2 to the General Assignment or in such other form as may from time to time be reasonably required by the Security Trustee acting on the instructions of the Majority Lenders;

Examples of Loss Payable Clause in a sentence

• Each such casualty insurance policy shall contain a standard Lender’s Loss Payable Clause issued in favor of the Bank under which all losses thereunder shall be paid to the Bank as the Bank’s interests may appear.

• Each such casualty insurance policy shall contain a standard Lender's Loss Payable Clause issued in favor of the Bank under which all losses thereunder shall be paid to the Bank as the Bank's interest may appear.

• Each such casualty insurance policy shall contain a standard Lender's Loss Payable Clause issued in favor of the Secured Party under which all losses thereunder shall be paid to the Secured Party as the Secured Party's interest may appear.

• Upon Lessor's request, Lessee shall cause its insurance agent(s) to execute and deliver to Lessor Loss Payable Clause Endorsement and Additional Insured Endorsement (bodily injury and property damage liability insurance) forms provided to Lessee by Lessor.

• The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance policies and other documents by the incorporation of a Loss Payable Clause and an Insurance Notice in respect of the Ship and its Insurances signed by its Owner and, unless otherwise approved, each other person assured under the relevant cover (other than the Security Agent if it is itself an assured).

More Definitions of Loss Payable Clause

Loss Payable Clause means any of the loss payable clauses set out in the schedules A1 and A2 hereto;

Loss Payable Clause means the Original Loss Payable Clause as amended and restated by this Deed and as set out in Schedule 4;

Loss Payable Clause at any time means the loss payable clause applicable for that time in the form set out in the relevant part of schedule 3 of the Deed of Proceeds and Priorities;

Loss Payable Clause has the meaning ascribed to it in Annex K.

Loss Payable Clause means the loss payable clause in the form set out in Schedule 6;

Loss Payable Clause means the loss payable clause substantially in the form set out in Schedule 11 (Form of Loss Payable Clause). “Majority Hedging Bank” has the meaning given to that term in the Intercreditor Agreement. “Majority Lenders” means: (a) if there are no Loans then outstanding, at least 2 Lenders whose Commitments aggregate not less than 71 per cent, of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated not less than 71 per cent, of the Total Commitments immediately prior to the reduction); or (b) at any other time, at least 2 Lenders whose participations in the Loans then outstanding aggregate not less than 71 per cent, of all the Loans then outstanding. 3

Loss Payable Clause has the meaning given thereto in the Security Deed;