Loss Payable Endorsement Clause Samples
A Loss Payable Endorsement is a provision in an insurance policy that directs the insurer to pay insurance proceeds to a third party, typically a lender or lienholder, in the event of a covered loss. This clause is commonly used in property or auto insurance when the insured property is financed, ensuring that the lender’s financial interest is protected if damage or loss occurs. By specifying who receives payment, the endorsement safeguards the interests of parties with a financial stake in the insured asset, thereby reducing the lender’s risk and clarifying the distribution of insurance proceeds.
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Loss Payable Endorsement. All policies of property insurance required to be maintained pursuant Sections 1.1(a) and (b) of this Schedule 5.17 shall name the Collateral Agent as loss payee as its interests may appear for all losses insured thereunder, pursuant to a loss payable endorsement approved by the Lenders.
Loss Payable Endorsement. (s) relating to insurance policies covering the Collateral (with insurance certificate(s) attached).
Loss Payable Endorsement. Landlord and Lessee agree that the name of the Permitted Leasehold Mortgage shall, at its request, be added to the “Loss Payable Endorsement” of any and all insurance policies required to be carried by Lessee under this Lease, and any insurance proceeds are to be applied in the manner specified in the relevant Permitted Leasehold Mortgage.
Loss Payable Endorsement. Until the Conversion Date, all policies of property insurance required to be maintained pursuant to Section 1.1.1, Section 1.1.2 and Section 1.1.3 of this Appendix A (as applicable) shall name the Collateral Agent (as defined in the Construction Credit Agreement) as the sole loss payee for all losses insured thereunder, pursuant to a loss payable endorsement approved by the Administrative Agent (as defined in the Construction Credit Agreement). After the Conversion Date all policies of property insurance required to be maintained pursuant to Section 1.1.1, Section 1.1.2 and Section 1.1.3 of this Appendix A (as applicable) shall name the Vineyard Wind 1, LLC as the sole loss payee for all losses insured thereunder, pursuant to a loss payable endorsement approved by the Administrative Agent.
Loss Payable Endorsement. Landlord and Tenant agree that the name(s) of the Lender(s) shall, at such Lender’s request, be added to the “Loss Payable Endorsement” of any and all insurance policies required to be carried by Tenant under this Lease on condition that the insurance proceeds are to be applied in the manner specified in this Lease.
Loss Payable Endorsement. All property insurance policies shall include a Lender's Loss Payable