Loss Payable. For covered property in which both the “Member” and a Loss Payee have an insurable interest, “We” will:
1. Adjust losses with the “Member”, and;
2. Pay any claim for loss or their damage jointly to the Member” and the Loss Payee, as interests may appear.
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of any of the First Vessels and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 500,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement in which event all claims shall be payable directly to the Agent up to the Lenders’ and the Swap Bank’s mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Borrowers as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of Borrowers’ actual costs in connection with repair, salvage and/or other charges. Any amounts paid to any of the Borrowers directly shall be paid to the Earnings Account.
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Vessel and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 1,000,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement or an event of default (howsoever described under any Swap Agreement) (as the case may be) in which event all claims shall be payable directly to the Agent up to the Lenders’ and the Swap Bank’s mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Assignor as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of Assignor’s actual costs in connection with repair, salvage and/or other charges.
Loss Payable. The loss, if any, under any policies of insurance of the character described in Section 11.1(A) shall be payable, and the insurance proceeds paid, on account of any such loss shall be applied and disbursed as follows:
(1) To the Association, as trustee for each of the Unit Owners in their respective percentages of ownership in the Common Elements as established in the Declaration, in the case of any one loss, of FIFTY THOUSAND DOLLARS ($50,000.00) or less in the aggregate, which insurance proceeds, less the actual costs, fees and expenses, if any, incurred in connection with the adjustment of the loss, shall be applied to the payment of the cost of restoring the Property to substantially the same condition in which it existed immediately prior to such damage or destruction, with each Unit and Common Element having the same vertical and horizontal boundaries as before, free from construction liens and other similar liens, in accordance with the provisions of subsection C, below; or
(2) In case of any one loss exceeding FIFTY THOUSAND DOLLARS ($50,000.00) in the aggregate, then the insurance proceeds shall be paid to such state or national banking institution or other corporate entity having the power to act as a trustee under the laws of Tennessee, designated by the Board to act as trustee (the “Insurance Trustee”) for the purpose of collecting and disbursing the insurance proceeds described in this subparagraph (2). If the Insurance Trustee shall fail or cease for any reason to act as the Insurance Trustee, then the Board shall appoint a successor Insurance Trustee. The Insurance Trustee shall not be liable for the payment of premiums nor for the renewal or the sufficiency of policies, nor for the failure to collect any insurance proceeds, nor for the form or content of the policies. The sole duty of the Insurance Trustee shall be to receive such proceeds as are paid and distribute the same as herein provided for the purposes elsewhere stated. Such proceeds, less the actual cost, fees and expenses, if any, incurred in connection with the adjustment of the loss, and the fees of the Insurance Trustee, shall be applied by the Insurance Trustee to the payment of the cost of restoring the Property to substantially the same condition in which it existed immediately prior to such damage or destruction, with each Unit and Common Element having the same vertical and horizontal boundaries as before. Such proceeds shall be paid by the Insurance Trustee to or for the ...
Loss Payable a. The CSD Pool will pay the Member District and the loss payee shown in the Member District’s Equipment Breakdown Declarations for loss covered by this Equipment Breakdown Coverage, as interests may appear. The coverage of this Equipment Breakdown Coverage Document covers the interest of the loss payee unless the loss results from conversion, secretion or embezzlement on the part of the Member District or the loss payee.
b. The CSD Pool may cancel the Equipment Breakdown Coverage Document as allowed by the Cancellation Condition. Cancellation ends this agreement as to the loss payee’s interest. If the CSD Pool cancels, the CSD Pool will mail the Member District and the loss payee the same advance notice.
c. If the CSD Pool makes any payment to the loss payee, the CSD Pool will obtain their rights against any other party.
Loss Payable. Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Vessel and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 1,000,000, shall be payable to the Agent. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is unremedied under the Agreement in which event all claims shall be payable directly to the Agent up to the Lenders’ mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Borrower as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of Borrower’s actual costs in connection with repair, salvage and/or other charges. Any amounts paid to the Borrower directly shall be paid to the Earnings Account.
Loss Payable. Notwithstanding anything contained in the Policy, including without limitation Section 5 of the Policy, Insurer agrees that neither Assignor's nor Assignee's receipt of any partial payment on the Claim shall release Insurer of any of its obligations under the Policy to pay Assignee the "Replacement Cost Value" (as such term is defined in the Policy), with respect to the Claim and the Insured Event.
Loss Payable. The Reinsurer shall indemnify the Company for all losses paid in accordance with the terms, conditions and limits of this Certificate and the terms, conditions and limits of the policy reinsured hereunder. The Reinsurer shall pay to the Company its proportion of such losses promptly following receipt of satisfactory proof of loss in the following manner:
(1) If this reinsurance is on an excess of loss basis, the amount of the Reinsurer's liability for loss hereunder shall be its indicated proportion of the excess amount, if any, by which ultimate loss to the policy reinsured hereunder exceeds the amount or amounts in excess of which this reinsurance attaches, after first having deducted all recoveries from any source except those from such portions of other excess of loss reinsurance which do not overlap or duplicate this coverage.
(2) If this reinsurance is on a pro rata basis, the amount of the Reinsurer's liability for each loss shall be in the proportion that the sum reinsured hereunder bears to the total sum insured by the reinsured policy at the time this Certificate becomes effective or at the time of loss, whichever proportion is less (unless otherwise endorsed hereto).
(i) With respect to reinsurance provided on an excess of loss basis, in the ratio that the Reinsurer's loss payment bears to the Company's gross loss payment under the policy reinsured. In the event there is no loss payment by the Reinsurer, there shall be no expense, court cost or interest payment.
(ii) With respect to reinsurance provided on a pro rata basis, in the ratio that the Reinsurer's limit of liability bears to the Company's gross limit of liability under the policy reinsured.
Loss Payable. Unless and until you are instructed otherwise, payments payable as a result of (i) an actual or constructive or agreed or arranged or compromised total loss, (ii) requisition for title or other compulsory acquisition of the Rig or (iii) claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 25,000,000, shall be paid directly to the Agent. Compensation for loss from a single casualty may however, upon presentation of a receipted invoice for repairs carried out, be paid by the insurer. Please acknowledge that if the insurance contract has been extended, amended or cancelled, the rights of the Mortgagee shall not be affected unless the insurer has given him specific notice of not less than fourteen days. Further, the Agent shall be advised:
Loss Payable. (a) Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Rig and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) exceeding USD 25,000,000 shall be payable to the Agent. Subject thereto, all other claims, unless and until the insurers have received notice from the Agent of an Event of Default which is continuing under the Facility Agreement in which event all claims shall be payable directly to the Agent for satisfaction of the Secured Obligations, shall be released directly for the repair, salvage or other charges involved or to the Assignor (as the case may be) in accordance with Section 4.02 of the Credit Agreement for use by the Assignor or the Borrowers as provided therein.
(b) The Assignor agrees that at any time and from time to time upon the written request of the Agent, it will promptly and duly execute and deliver to the Agent any and all such further instruments and documents as the Agent (on behalf of the Secured Parties) may reasonably deem necessary or desirable to register this Assignment Agreement in any applicable registry, and to maintain and/or perfect the security interest created by this Assignment Agreement and the rights and powers herein granted.
