Common use of Application of Recovered Amount Clause in Contracts

Application of Recovered Amount. (a) Partial Loss If the Vessel shall be damaged by any insured cause whatsoever prior to acceptance thereof by Buyer and in the further event that such damage shall not constitute an actual, constructive, arranged or compromised total loss of the Vessel, Builder shall apply the amount recovered under the insurance referred to in Article XII.1 to the repair of such damage to the Classification Society’s satisfaction and in accordance with the Specifications, and Buyer shall accept the Vessel under this Contract when completed in accordance with this Contract and the Specifications.

Application of Recovered Amount. (a) Partial Loss If Loss: In the Vessel event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by Buyer the BUYER and in the further event that such damage shall not constitute an actual, constructive, arranged actual or compromised a constructive total loss of the VesselVESSEL, Builder the SELLER shall cause the BUILDER to apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article XII.1 to the repair of such damage satisfactory to the Classification Society’s satisfaction and in accordance with the Specifications, and Buyer the BUYER shall accept the Vessel VESSEL under this Contract when if completed in accordance with this Contract and the Specifications.

Application of Recovered Amount. (a) Partial Loss If In the event of the Vessel shall be being damaged by any insured cause risk whatsoever prior to acceptance thereof by Buyer Final Delivery and in the further event that such damage shall not constitute an actual, constructive, arranged actual or compromised a constructive total loss of the Vessel, Builder shall apply the amount recovered under the insurance policies referred to in Article XII.1 Clause 13.1 to the repair of such damage satisfactory to the Classification Society’s satisfaction and in accordance with the Specifications, and Buyer shall accept the Vessel under this Contract when if completed in accordance with this Contract and the Specifications.

Application of Recovered Amount. (a) Partial Loss If Loss: In the Vessel event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by Buyer the BUYER and in the further event that such damage shall not constitute an actual, constructive, arranged actual or compromised a constructive total loss of the VesselVESSEL, Builder the BUILDER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article XII.1 to the repair of such damage satisfactory to the Classification Society’s satisfaction and in accordance with the Specifications, and Buyer the BUYER shall accept the Vessel VESSEL under this Contract when if completed in accordance with this Contract and the Specifications.

Application of Recovered Amount. (a) Partial Loss If Loss: In the event the Vessel shall be damaged by any insured cause whatsoever prior to acceptance thereof by Buyer the Owner and in the further event that such damage shall not constitute an actual, constructive, arranged actual or compromised a constructive total loss of the Vessel, the Builder shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article XII.1 to the repair of such damage satisfactory to the Classification Society’s satisfaction Society and in accordance with the SpecificationsOwner, and Buyer the Owner shall accept the Vessel under this the Contract when if completed in accordance with this Contract and the Specifications.