Common use of Notice of Event of Loss Clause in Contracts

Notice of Event of Loss. At the time of a Collateral Disposition in respect of any Mortgaged Vessel or Vessel Owning Subsidiary, a certificate of a financial officer of the Borrower which certificate shall (x) certify on behalf of the Borrower the last appraisal received pursuant to Section 8.01(c) determining the Aggregate Mortgaged Vessel Value after giving effect to such disposition and (y) set forth the calculations required to establish whether the Borrower is in compliance with the provisions of Section 9.08 after giving effect to such disposition; and