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Common use of Application of Payments upon an Event of Loss Clause in Contracts

Application of Payments upon an Event of Loss. Subject to the --------------------------------------------- provisions of Section 12(d), and notwithstanding any rights of Lessor as owner of the Transponders, any payments received at any time by Lessor from any Governmental Body or other Person as a result of the occurrence of an Event of Loss with respect to a Transponder (including proceeds with respect to such Transponder from insurance, if any, but excluding proceeds from Additional Insurance with respect to such Transponder carried by Lessor, Owner Participant or Agent) shall be applied as follows: (i) so much of such payments as shall not exceed the amount of Stipulated Loss Value, if any, required to be paid with respect to such Transponder by Lessee pursuant to Section 12(a) shall be applied in reduction of Lessee's obligation to pay such amount with respect to such Transponder if not already paid by Lessee, or, if already paid with respect to such Transponder by Lessee, shall be applied to reimburse Lessee for its payment of such amounts, or if Lessee shall have provided Lessor with a Replacement Transponder pursuant to Section 12(a), shall be paid to Lessee upon conveyance of such Replacement Transponder to Lessor; and (ii) the excess, if any, of such payments with respect to such Transponder remaining thereafter shall be allocated between Lessor and Lessee as their respective interests may appear (except to the extent reflecting proceeds of insurance (other than additional insurance maintained by Owner Participant, Owner Trustee or Agent), which shall be paid to and retained by Lessee).

Appears in 1 contract

Samples: Lease Agreement (Magellan International Inc)

Application of Payments upon an Event of Loss. Subject to the --------------------------------------------- provisions of Section 12(d), and notwithstanding any rights of Lessor as owner of the Transponders, any payments received at any time by Lessor from any Governmental Body or other Person as a result of the occurrence of an Event of Loss with respect to a Transponder (including proceeds with respect to such Transponder from insurance, if any, but excluding proceeds from Additional Insurance with respect to such Transponder carried by Lessor, Owner Participant or AgentIndenture Trustee) shall be applied as follows: (i) so much of such payments as shall not exceed the amount of Stipulated Loss Valueamount, if any, required to be paid with respect to such Transponder by Lessee pursuant to Section 12(a) shall be applied in reduction of Lessee's obligation to pay such amount with respect to such Transponder if not already paid by Lessee, or, if already paid with respect to such Transponder by Lessee, shall be applied to reimburse Lessee for its payment of such amounts, or if Lessee shall have provided Lessor with a Replacement Transponder pursuant to Section 12(a), shall be paid to Lessee upon conveyance of such Replacement Transponder to Lessor; and (ii) the excess, if any, of such payments with respect to such Transponder remaining thereafter thereafter, shall be paid to and retained by Lessee, except that any such excess received in connection with an Event of Loss as defined in clauses (b) or (d) of the definition of Event of Loss will be allocated between Lessor and Lessee as their respective interests may appear (except to the extent reflecting proceeds of insurance (other than additional insurance maintained by Owner Participant, Owner Trustee or Agent), which shall be paid to and retained by Lessee)appear.

Appears in 1 contract

Samples: Lease Agreement (Magellan International Inc)

Application of Payments upon an Event of Loss. Subject to the --------------------------------------------- provisions of Section 12(d), and notwithstanding any rights of Lessor as owner of the Transponders, any payments received at any time by Lessor from any Governmental Body or other Person as a result of the occurrence of an Event of Loss with respect to a Transponder (including proceeds with respect to such Transponder from insurance, if any, but excluding proceeds from Additional Insurance with respect to such Transponder carried by Lessor, Owner Participant or AgentIndenture Trustee) shall be applied as follows: (i) so much of such payments as shall not exceed the amount of Stipulated Loss Value, if any, required to be paid with respect to such Transponder by Lessee pursuant to Section 12(a) shall be applied in reduction of Lessee's obligation to pay such amount with respect to such Transponder if not already paid by Lessee, or, if already paid with respect to such Transponder by Lessee, shall be applied to reimburse Lessee for its payment of such amounts, or if Lessee shall have provided Lessor with a Replacement Transponder pursuant to Section 12(a), shall be paid to Lessee upon conveyance of such Replacement Transponder to Lessor; and (ii) the excess, if any, of such payments with respect to such Transponder remaining thereafter shall be allocated between Lessor and Lessee as their respective interests may appear (except to the extent reflecting proceeds of insurance (other than additional insurance maintained by Owner Participant, Owner Trustee or AgentIndenture Trustee), which shall be paid to and retained by Lessee).

Appears in 1 contract

Samples: Lease Agreement (Magellan International Inc)

Application of Payments upon an Event of Loss. Subject to the --------------------------------------------- provisions of Section 12(d), and notwithstanding any rights of Lessor as owner of the Transponders, any payments received at any time by Lessor from any Governmental Body or other Person as a result of the occurrence of an Event of Loss with respect to a Transponder (including proceeds with respect to such Transponder from insurance, if any, but excluding proceeds from Additional Insurance with respect to such Transponder carried by Lessor, Owner Participant or AgentIndenture Trustee) shall be applied as follows: (i) so much of such payments as shall not exceed the amount of Stipulated Loss Valueamount, if any, required to be paid with respect to such Transponder by Lessee pursuant to Section 12(a) shall be applied in reduction of Lessee's obligation to pay such amount with respect to such Transponder if not already paid by Lessee, or, if already paid with respect to such Transponder by Lessee, shall be applied to reimburse Lessee for its payment of such amounts, or if Lessee shall have provided Lessor with a Replacement Transponder pursuant to Section 12(a), shall be paid to Lessee upon conveyance of such Replacement Transponder to Lessor; : and (ii) the excess, if any, of such payments with respect to such Transponder remaining thereafter thereafter, shall be paid to and retained by Lessee, except that any such excess received in connection with an Event of Loss as defined in clauses (b) or (d) of the definition of Event of Loss will be allocated between Lessor and Lessee as their respective interests may appear (except to the extent reflecting proceeds of insurance (other than additional insurance maintained by Owner Participant, Owner Trustee or Agent), which shall be paid to and retained by Lessee)appear.

Appears in 1 contract

Samples: Lease Agreement (Magellan International Inc)