Common use of Partial Loss Clause in Contracts

Partial Loss. If there shall have occurred loss or damage to the Vessel which does not rise to the level of a Total Loss, the underwriters may pay direct for the repair, salvage or other charges or, if the Borrower shall have first fully repaired the damage or paid all of the salvage or other charges, may pay the Borrower as reimbursement therefore; provided, however, that if such amounts are greater than USD 50,000.00 and the Borrower shall not have fully repaired the damage or paid all of the salvage or other charges or if an Event of Default has occurred and is continuing, the underwriters shall not make such payment without first obtaining the written consent of the Lender. If the Lender does not so consent, all such proceeds shall be paid to the Lender for the purpose of prepaying amounts outstanding hereunder or under any other Loan Document.

Partial Loss. If there shall have occurred loss or damage to the a Vessel or any item of Equipment which does not rise to the level of a Total Loss, the underwriters may pay direct for the repair, salvage or other charges or, if the Borrower shall have first fully repaired the damage or paid all of the salvage or other charges, may pay the Borrower as reimbursement therefore; provided, however, that if such amounts are greater than USD 50,000.00 500,000.00 and the Borrower shall not have fully repaired the damage or paid all of the salvage or other charges or if an Event of Default has occurred and is continuing, the underwriters shall not make such payment without first obtaining the written consent of the LenderAgent. If the Lender Agent does not so consent, all such proceeds shall be paid to the Lender Agent, for the ratable benefit of the Lenders, for the purpose of prepaying amounts outstanding hereunder or under any other Loan Document.

Partial Loss. If there shall have occurred loss or damage to the a Vessel or any item of Equipment which does not rise to the level of a Total Loss, the underwriters may pay direct for the repair, salvage or other charges or, if the Borrower Borrowers shall have first fully repaired the damage or paid all of the salvage or other charges, may pay the Borrower Borrowers as reimbursement therefore; provided, however, that if such amounts are greater than USD 50,000.00 500,000.00 and the Borrower Borrowers shall not have fully repaired the damage or paid all of the salvage or other charges or if an Event of Default has occurred and is continuing, the underwriters shall not make such payment without first obtaining the written consent of the LenderAgent. If the Lender Agent does not so consent, all such proceeds shall be paid to the Lender Agent for the purpose of prepaying amounts outstanding hereunder or under any other Loan Document.