Common use of Application of Certain Payments in Case of Event of Loss Clause in Contracts

Application of Certain Payments in Case of Event of Loss. Except -------------------------------------------------------- as otherwise provided in the second sentence of this Section 4.02(c), any amounts received directly or through the Charterer from any Governmental Authority or other Person pursuant to Article 14 of the Charter with respect to the Vessel as the result of an Event of Loss, to the extent that such amounts are not at the time required or permitted to be paid to, or retained by, the Charterer pursuant to said Article 14, and any amounts of insurance proceeds for damage to the Vessel received directly or through the Charterer from any insurer pursuant to Article 16 of the Charter with respect thereto as the result of an Event of Loss, to the extent such amounts are not at the time required to be paid to, or retained, by the Charterer pursuant to Article 16, shall, except as otherwise provided in the next sentence, be applied in reduction of the Charterer's obligations to pay Termination Value as provided in the Charter and the remainder, if any, shall, except as provided in the next sentence, be distributed to the Owner Trust to be held or distributed in accordance with the terms of the Charter. Notwithstanding this Section 4.02(c) or Section 4.03 hereof, any amounts held by the Indenture Trustee, including, without limitation, pursuant to Section 14 of the Charter, which are payable to the Charterer pursuant to the terms of the Charter or held by the Indenture Trustee in accordance with Article 29(h) of the Charter shall be (i) so paid to the Charterer or (ii) held by the Indenture Trustee as security for the obligations of the Charterer, in each case in accordance with the applicable provisions of the Charter.

Application of Certain Payments in Case of Event of Loss. Except -------------------------------------------------------- as otherwise provided in the second sentence of this Section 4.02(c), any amounts received directly or through the Charterer from any Governmental Authority or other Person pursuant to Article 14 Section 11 of the Charter with respect to the Vessel as the result of an Event of Loss, to the extent that such amounts are not at the time required or permitted to be paid to, or retained by, the Charterer pursuant to said Article 14Section 11, and any amounts of insurance proceeds for damage to the Vessel Indenture Estate received directly or through the Charterer from any insurer pursuant to Article 16 Section 10 of the Charter with respect thereto as the result of an Event of Loss, to the extent such amounts are not at the time required to be paid to, or retainedretained by, by the Charterer pursuant to Article 16said Section 10, shall, except as otherwise provided in the next sentence, be applied in reduction of the Charterer's obligations to pay Termination Stipulated Loss Value as provided in the Charter and the remainder, if any, shall, except as provided in the next sentence, be distributed to the Owner Trust Trustee to be held or distributed in accordance with the terms of the Charter. Notwithstanding this Section 4.02(c) or Section 4.03 hereof, any amounts held by the Indenture Trustee, including, without limitation, pursuant to Section 14 11 of the Charter, which are payable to the Charterer pursuant to the terms of the Charter or held by the Indenture Trustee in accordance with Article 29(hSection 21(g) of the Charter shall be (i) so paid to the Charterer or (ii) held by the Indenture Trustee as security for the obligations of the Charterer, in each case in accordance with the applicable provisions of the Charter.

Application of Certain Payments in Case of Event of Loss. Except -------------------------------------------------------- as otherwise provided in the second sentence of this Section 4.02(c), any amounts received directly or through the Charterer Lessee from any Governmental Authority or other Person pursuant to Article 14 Section 12 of the Charter Lease with respect to the Vessel Facility Assets as the result of an Event of Loss, to the extent that such amounts are not at the time required or permitted to be paid to, or retained by, to the Charterer Lessee pursuant to said Article 14Section 12, and any amounts of insurance proceeds for damage to the Vessel Indenture Estate received directly or through the Charterer Lessee from any insurer pursuant to Article 16 Section 13 of the Charter Lease with respect thereto as the result of an Event of Loss, to the extent such amounts are not at the time required to be paid to, or retained, by to the Charterer Lessee pursuant to Article 16said Section 13, shall, except as otherwise provided in the next sentence, be applied in reduction of the ChartererLessee's obligations to pay Termination Stipulated Loss Value as provided in the Charter Lease and the remainder, if any, shall, except as provided in the next sentence, be distributed to the Owner Trust Trustee to be held or distributed in accordance with the terms of the CharterLease. Notwithstanding this Section 4.02(c) or Section 4.03 hereof, any amounts held by the Indenture Trustee, including, without limitation, pursuant to Section 14 12 of the CharterLease, which are payable to the Charterer Lessee pursuant to the terms of the Charter Lease or held by the Indenture Trustee in accordance with Article 29(h) Section 19.7 of the Charter Lease shall be (i) so paid to the Charterer Lessee or (ii) held by the Indenture Trustee as security for the obligations of the ChartererLessee, in each case in accordance with the applicable provisions of the CharterLease.