NET TOTAL LOSS PROCEEDS definition
NET TOTAL LOSS PROCEEDS means the Total Loss Proceeds actually received by LESSOR following a Total Loss, less any legal and other out-of-pocket expenses or duties incurred by LESSOR in connection with the collection of such proceeds.
NET TOTAL LOSS PROCEEDS means the Total Loss Proceeds actually received by LESSOR following a Total Loss, less any legal and other out-of-pocket expenses, taxes or duties incurred by LESSOR in connection with the collection of such proceeds.
NET TOTAL LOSS PROCEEDS means the Total Loss Proceeds actually received by the Lessor from the insurers following a Total Loss of the Ship, less any expenses (excluding Recoverable VAT on such expenses), taxes or duties incurred by the Lessor in connection with the collection of such proceeds;
More Definitions of NET TOTAL LOSS PROCEEDS
NET TOTAL LOSS PROCEEDS means Total Loss Proceeds less VAT and any applicable sales tax and less any costs fees and expenses properly incurred by the Lessor or on its behalf; "Normal Rent" means, in respect of any Accounting Period of the Lessor, the aggregate of: (a) the amount payable by PPC by way of Rent and expressed in this Financial Schedule to be in respect of any period failing in that Accounting Period determined by the Lessor on a daily accruals basis for the period in respect of which it is due PROVIDED THAT where a Termination Payment Date occurs, Rent received in advance but unaccrued at that date on that basis shall be accrued in the Accounting Period of the Lessor in which that date occurs; and (b) any Termination Payment payable by PPC in that Accounting Period; "Notional Accounts" means the accounts produced from time to time by the Lessor on a basis consistent with the Initial Notional Accounts and in accordance with Accounting Practice and the Assumptions (as the same may be varied from time to time) and the Principles for the purpose of determining the quantum and timing of payments of tax to be taken into account in calculating the amount of the Rent or Termination Rent; "Original Cashflow Report" means the Cashflow Report produced pursuant to paragraph 4.1 and which has become effective pursuant to paragraph 4.12; "PLA Costs" means the rate from which the cost from time to time of the "prime liquid assets" of the Bank is calculated in accordance with Annex A to this Financial Schedule; "Rent" means each Rent payable or paid by PPC pursuant to Clause 7 and paragraph 2.1 and, save where the context otherwise requires, as adjusted from time to time pursuant to the Financial Schedule and each other sum paid or payable by PPC expressed to be Rent in this Financial Schedule; "Principles" means the principles described in paragraph 3.2; "Profit and Loss Account" means the profit and loss account comprised in the Notional Accounts; "Quarter Date" means each 14 January, 14 April, 14 July and 14 October falling after the Commencement Date; "Relevant Risk Asset Weighting" means the Bank Risk Asset Weighting or, as the case may be, the Strip Risk Asset Weighting (as appropriate); "Relevant Return Rate" means the Bank Risk Return Rate or, as the case may be, the Strip Risk Return Rate (as appropriate);
NET TOTAL LOSS PROCEEDS means any Total Loss Proceeds actually received by Lessor (or such other person entitled to receipt thereof), less any Expenses or Taxes (other than Indemnitee’s Taxes) incurred by Lessor or Owner Participant (or any other relevant person) in connection with the collection or receipt of such funds.
NET TOTAL LOSS PROCEEDS means in relation to a Total Loss of a Secured Vessel, the amount in US$ of the Total Loss Proceeds actually and unconditionally received by the Borrower after deducting the Borrower’s costs, fees (including legal fees) and out-of –pocket expenses (excluding recoverable VAT or other turnover, added value, sales or similar taxes) properly incurred directly or indirectly in connection with the collection of such proceeds which are not incurred as a result of a Default under this Agreement, in any case whether incurred directly or which are reimbursable to the Lenders or any other Finance Party by the Borrower
NET TOTAL LOSS PROCEEDS in relation to a Mortgaged Ship which has become a Total Loss, the minimum amount for which such Ship was required to have been insured under the Security Documents less any applicable deductible, collection commissions and any other expenses incurred by the relevant Shipowner or Stena Charterer or third party demise charterer in recovering under the Insurances of the Ship in respect of such Total Loss and/or recovering any Requisition Compensation in respect thereof; and
NET TOTAL LOSS PROCEEDS has the meaning given in Section 19.2;