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 First Lien Insurance Assignment, dated as of the date hereof, made by the Owner in favor of the Mortgagee in respect of the Vessel, or in such other forms as may from time to time be agreed in writing by the Mortgagee.

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 any of the loss payable clauses set out in the schedules A1 and A2 hereto;

Examples of Loss Payable Clause in a sentence

• 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 Owner will apply all sums receivable under the Insurances which are to be paid to the Owner in accordance with the applicable Loss Payable Clause in repairing all damage and/or in discharging the liability in respect of which such sums shall have been received.

• Borrower shall cause Lender to be endorsed as a loss payee with a long form Lender's Loss Payable Clause, in form and substance acceptable to Lender on all such insurance.

• Borrower shall annually submit to Bank original insurance certificates providing that such insurance policies have a Lenders Loss Payable Clause and Additional Insured, and shall be noncancellable unless thirty (30) days prior notice of cancellation is provided to Bank.

• The Owner will do all things necessary and provide all documents, evidence and information to enable the Mortgagee to collect or recover any moneys which shall at any time become payable to the Mortgagee according to the applicable Loss Payable Clause in respect of the Insurances.

More Definitions of Loss Payable Clause

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

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 provisions regulating the manner of payment of sums receivable under the Insurances which are to be incorporated in the relevant policies, such Loss Payable Clauses to be in the forms set out in Appendix B to schedule 1 and in schedule 2 to each Insurance Assignment, or in such other forms as may from time to time be approved in writing by the Security Agent;

Loss Payable Clause means any clause duly filed by the insurer with the department as added to a policy affording substantial protection.

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