Common use of Application of Total Loss Proceeds Clause in Contracts

Application of Total Loss Proceeds. All Net Total Loss Proceeds and Requisition Compensation received by the Lessor shall be retained in full by the Lessor and shall be applied as follows: FIRST: in retention by the Lessor of an amount equal to nought point nought one per cent. (0.01%) of the Net Total Loss Proceeds; SECOND: in payment to the Lessor of amounts equal to all or any part of the Termination Amount as at the date of the receipt by the Lessor of the Net Total Loss Proceeds which have not, on or before the date of application of the Net Total Loss Proceeds, been paid to the Lessor by or on behalf of the Lessee; THIRD: in or towards settlement of any other amounts then due and payable but unpaid by the Lessee to the Lessor under the Transaction Documents and any amounts then due and payable but unpaid by the Lessee to the Lessor under the Sister Ship Transaction Documents; and FOURTH: the remainder in payment to the Lessee by way of rebate of Rental.