Loss Payable Clause. If the Declarations show a loss payee for certain listed insured personal property, the definition of "insured" is changed to include that loss payee with respect to that property. If we decide to cancel or not renew this policy, that loss payee will be notified in writing.
Loss Payable Clause. It is noted that by a first legal assignment in writing dated [—] 2012 BREAKAWAY FOUR, LTD., the buyer (“Buyer”) of the vessel presently under construction by Xxxxx Werft GmBH, Papenburg Germany (“Builder”) with hull number [*] has assigned to KFW IPEX-BANK GMBH of Xxxxxxxxxxxxxxxxxxx 0-0, 00000 Xxxxxxxxx xx Xxxx, Xxxxxxx (“Assignee”) all the Buyer’s interests in any claims proceeds in this policy and its benefits therein including all such claims of whatsoever nature as the Buyer may have hereunder. All sums payable to the Buyer under this policy shall be paid to the Buyer unless and until underwriters have been otherwise instructed by notice in writing from the Assignee following the occurrence and continuation of an Event of Default, as defined in the Credit Agreement dated as of [—] 2012 and made among and between the Buyer, NCL Corporation Ltd., as the Buyer’s parent, the Assignee, the lenders from time to time party thereto and the other parties from time to time party thereto. All sums payable to the Builder under this policy shall be payable to the Builder, subject to any notice of assignment of the Builder’s interests in this policy. [To be printed only on copy of the Notice of Assignment given] To: KfW IPEX-Bank GmbH as Collateral Agent Xxxxxxxxxxxxxxxxxxx 0-0 00000 Xxxxxxxxx xx Xxxx Xxxxxxx Attention: Ship Xxxxxxx, X0x0, Xxxxxxx Xxxxxx Fax: +00 00 0000 0000 E-mail: xxxxxxx.xxxxxx@xxx.xx Date: [—] Dear Sirs We acknowledge receipt of a notice in the terms set out above (the “Notice”). We accept the instructions and authorisations contained in the Notice, we undertake to act in accordance with and comply with the terms of the Notice and we confirm that (other than in respect of junior liens held by the Collateral Agent as security trustee on behalf of certain “term loan creditors” in respect of the Construction Contract) we have not received notice of any other assignments or charges of or over any of the Borrower’s rights, title, interests and benefits in, to or in respect of the Construction Contract and that we will comply with the terms of the Notice. We also confirm that the Construction Contract is in full force and effect in accordance with its terms. We further agree and confirm that we acknowledge that we shall not challenge the effectiveness of the Assignment (as defined in the Notice; capitalized terms used herein have the meanings ascribed thereto in the Notice or the Assignment, as applicable) with respect to the Construction Contract....
Loss Payable Clause. If the Declarations show a loss payee for certain listed insured personal property, that person is considered an insured in this policy with respect to that property.
Loss Payable Clause. Payment under this Part IV for a loss to a covered auto will be made according to your interest and the interest of any lienholder shown on the declarations page or designated by you. At our option, payment may be made to both jointly, or to either separately. However, if the covered auto is not a total loss, we may make payment to you and the repairer of the auto. The lienholder’s interest will not be protected:
Loss Payable Clause. It is noted that by a first legal assignment in writing dated 20[—] BREAKAWAY TWO, LTD., the buyer (“Buyer”) of the vessel presently under construction by Xxxxx Werft GmBH, Papenburg Germany (“Builder”) with hull number [—] has assigned to KFW IPEX-BANK GMBH of [—] (“Assignee”) all the Buyer’s interests in any claims proceeds in this policy and its benefits therein including all such claims of whatsoever nature as the Buyer may have hereunder. All sums payable to the Buyer under this policy shall be paid to the Buyer unless and until underwriters have been otherwise instructed by notice in writing from the Assignee following the occurrence and continuation of an Event of Default, as defined in the Credit Agreement dated as of [—] and made among and between the Buyer, NCL Corporation Ltd., as the Buyer’s parent, the Assignee, the lenders from time to time party thereto and the other parties from time to time party thereto. All sums payable to the Builder under this policy shall be payable to the Builder, subject to any notice of assignment of the Builder’s interests in this policy.
Loss Payable Clause. Payment under this Part IV for a loss to a covered auto will be made according to your interest and the interest of any lienholder shown on the declarations page or designated by you . At our option, payment may be made to both jointly, or to either separately . Either way, we will protect the interest of both . However, if the covered auto is not a total loss, we may make payment to you and the repairer of the auto . Protection of the lienholder’s financial interest will not be affected by any act or omission by any person entitled to coverage under this policy . However, protection under this clause does not apply:
Loss Payable Clause. Subject to all the terms of this Policy, loss or damage shall be paid, as interest may appear, to the named insured and/or the loss payee shown on the Declarations Page of this Policy, both jointly or separately, at our discretion.
Loss Payable Clause. The Chargor covenants that the Chargor shall cause the relevant Takaful operator/ insurance company to include the following loss payable clause or a substantially similar loss payable clause acceptable to the Chargee in each Takaful/ insurance policy taken out:
Loss Payable Clause. With respect to those items of personal property for which a loss payee is shown on the “declarations”, the definition of “insured” is extended to include that loss payee, but only with respect to those items of personal property. If “we” cancel or do not renew this policy, “we” will so notify, in writing, any loss payees shown on the “declarations”.
Loss Payable Clause. Loss or damage under this policy shall be paid, as interest may appear, to you and the loss payee shown in the Declarations. This insurance, with respect to the interest of the loss payee, shall not become invalid because of your fraudulent acts or omissions unless the loss results from your conversion, secretion or embezzlement of “your covered auto.” However, we reserve the right to cancel the policy as permitted by policy terms and the cancellation shall terminate this agreement as to the loss payee’s interest. We will give the same advance notice of cancellation to the loss payee as we give to the named insured shown in the Declarations. When we pay the loss payee we shall, to the extent of payment, be subrogated to the loss payee’s rights of recovery. PP0305 (08/86)
