Total Loss. In the event that any of the Rigs shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in accordance with Clause 10.1 (Total Loss or sale).
Appears in 7 contracts
Samples: Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement, Senior Secured Credit Facility Agreement
Total Loss. In the event that any of the Rigs shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in accordance with Clause 10.1 clause 8.1 (Total Loss or sale).
Appears in 2 contracts
Samples: Secured Credit Facility Agreement, Secured Credit Facility Agreement (Seadrill Partners LLC)
Total Loss. In the event that any of the Rigs a Rig shall suffer a Total Loss, the Obligors shallBorrowers shall use best endeavours to, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, Agent a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, full and the insurance proceeds shall shall, as soon as they are released, be paid to the Agent for application and applied in accordance with Clause 10.1 (Total Loss or sale)prepayment as set out in this Agreement.
Appears in 1 contract
Samples: Senior Secured Credit Facility Agreement (Borr Drilling LTD)
Total Loss. In the event that any of the Rigs Drillship shall suffer a Total Loss, the Obligors shall, shall as soon as possible and in any event within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in accordance with Clause 10.1 8.1 (Total Loss or sale).
Appears in 1 contract
Samples: Senior Secured Credit Facility Agreement (Seadrill Partners LLC)
Total Loss. In the event that any of the Rigs Rig shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Security Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Security Agent for application to be applied in in accordance with Clause 10.1 8.1 (Total Loss or sale)) of the Loan Facility Agreement and Clause 8.2 (Total Loss or sale) of the GIEK Facility Agreement.
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Total Loss. In the event that any of the Rigs Drilling Unit shall suffer a Total Loss, the Obligors shall, shall as soon as possible and in any event within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in accordance with Clause 10.1 8.1 (Total Loss or sale).
Appears in 1 contract
Samples: Term Loan and Revolving Credit Facilities Agreement (Seadrill Partners LLC)
Total Loss. In the event that any of the Rigs Rig shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in accordance with Clause 10.1 8.1 (Total Loss or saleSale).
Appears in 1 contract
Samples: China Eca Facility Framework Agreement (Seadrill Partners LLC)
Total Loss. In the event that any of the Rigs shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in accordance with Clause 10.1 8.1 (Total Loss or saleSale).
Appears in 1 contract
Samples: China Eca Facility Framework Agreement (Seadrill Partners LLC)
Total Loss. In the event that any of the Rigs Rig shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the Total Loss Date, obtain and present to the Security Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Security Agent for application to be applied in accordance with Clause 10.1 8.1 (Total Loss or sale)) of the Loan Facility Agreement and Clause 8.2 (Total Loss or sale) of the GIEK Facility Agreement.
Appears in 1 contract
