Common use of Loss of Vessel Clause in Contracts

Loss of Vessel. A Vessel suffers a Total Loss or is otherwise, destroyed or abandoned, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that a Total Loss (which term shall for the purposes of the remainder of this Clause 13.1.16 include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if: (a) that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant insurances; and (b) no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent in its discretion that any such refusal or dispute is likely to occur; and (c) payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within one hundred and eighty (180) days of the occurrence of the casualty giving rise to the Total Loss in question or such longer period as the Agent may in its discretion agree; and (d) the Borrowers provide alternative security acceptable to the Agent in its discretion in place of that Vessel or other vessel acceptable to the Agent in its discretion.

Loss of Vessel. A Vessel suffers a Total Loss or is otherwise, otherwise destroyed or abandoned, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that a Total Loss (which term shall for the purposes of the remainder of this Clause 13.1.16 22.1(q) include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if: (ai) the relevant prepayment is made in accordance with Clause 7.5 (Mandatory prepayment on sale or Total Loss); or (ii) that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant insurances; and (biii) no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent in its discretion that any such refusal or dispute is likely to occur; and (civ) payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within one hundred and eighty (180) 150 days of the occurrence of the casualty giving rise to the Total Loss in question or such longer period as the Agent may in its discretion agree; and (d) the Borrowers provide alternative security acceptable to the Agent in its discretion in place of that Vessel or other vessel acceptable to the Agent in its discretion.

Loss of Vessel. A Vessel suffers a Total Loss or is otherwise, otherwise destroyed or abandoned, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that a Total Loss (which term shall for the purposes of the remainder of this Clause 13.1.16 22.1.17 include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if: (a) the relevant prepayment is made in accordance with Clause 7.5 (Mandatory prepayment on sale or Total Loss); or (b) that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant insurances; and (bc) no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent in its discretion that any such refusal or dispute is likely to occur; and (cd) payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within one hundred and eighty (180) 150 days of the occurrence of the casualty giving rise to the Total Loss in question or such longer period as the Agent may in its discretion agree; and (d) the Borrowers provide alternative security acceptable to the Agent in its discretion in place of that Vessel or other vessel acceptable to the Agent in its discretion.

Loss of Vessel. A Vessel suffers a Total Loss or is otherwise, otherwise destroyed or abandoned, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that a Total Loss (which term shall for the purposes of the remainder of this Clause 13.1.16 22.1(q) include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if: (ai) the relevant prepayment is made in accordance with Clause 7.4 (Mandatory prepayment on sale or Total Loss); or (ii) that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant insurances; and (biii) no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent in its discretion that any such refusal or dispute is likely to occur; and (civ) payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within one hundred and eighty (180) 150 days of the occurrence of the casualty giving rise to the Total Loss in question or such longer period as the Agent may in its discretion agree; and (d) the Borrowers provide alternative security acceptable to the Agent in its discretion in place of that Vessel or other vessel acceptable to the Agent in its discretion.