Common use of Constructive Total Loss Clause in Contracts

Constructive Total Loss. In the case of an Event of Loss which ----------------------- is a constructive total loss of the Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the Vessel, and if both (i) such claim is accepted by all underwriters under all policies then in force as to the Vessel and (ii) payment in full is made in cash under such policies, then the Mortgagee shall have the right to abandon the Vessel to the underwriters under such policies, free from the Lien of this Mortgage.

Constructive Total Loss. In the case event of an Event of Loss which ----------------------- is accident, occurrence or event resulting in a constructive total loss of the Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the VesselVessel and require that Mortgagor declare such to be a constructive total loss, and if both (i) such claim is accepted by all underwriters under all policies then in force as to the Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies, then then, with the underwriters’ approval, the Mortgagee shall have the right to abandon the Vessel to the underwriters under such policies, free from the Lien lien of this Mortgage.

Constructive Total Loss. In the case of an Event of Loss which is ----------------------- is a constructive total loss of the any Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the such Vessel, and if both (i) such claim is accepted by all underwriters under all policies then in force as to the such Vessel and (ii) payment in full is made in cash under such policies, then the Mortgagee shall have the right to abandon the such Vessel to the underwriters under such policies, free from the Lien of this Mortgage.

Constructive Total Loss. In the case of an Event of Loss which is ----------------------- is a constructive total loss of the Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the Vessel, and if both (i) such claim is accepted by all underwriters under all policies then in force as to the Vessel and (ii) payment in full is made in cash under such policies, then the Mortgagee shall have the right to abandon the Vessel to the underwriters under such policies, free from the Lien of this Mortgage.

Constructive Total Loss. In the case event of an Event of Loss which ----------------------- is accident, occurrence or event resulting in a constructive total loss of the any Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the VesselVessel and to require that Mortgagor declare such to be a constructive total loss, and if both (i1) such claim is accepted by all underwriters under all policies then in force as to the Vessel under which payment is due for total loss and (ii2) payment in full is made in cash under such policies, then the Mortgagee shall have the right at its election, to abandon the Vessel to the underwriters under such policies, free from the Lien lien of this MortgageMortgage and apply the proceeds of such insurance as provided in Section 1.05(c) of the Loan Agreement.

Constructive Total Loss. In the case event of an Event of Loss which ----------------------- is accident, occurrence or event resulting in a constructive total loss of the Vessel, the Mortgagee Mortgagor shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the Vessel, such Vessel and if both (i) such claim is accepted by all underwriters under all policies then in force as to the such Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policiespolicies and applied to repay all outstanding Obligations in accordance with Section 2.3(b) of the Loan Agreement, then the Mortgagee Mortgagor shall have the right at its election, to abandon the such Vessel to the underwriters under such policies, free from the Lien lien of this Mortgage.

Constructive Total Loss. In the case of an Event of Loss ----------------------- which ----------------------- is a constructive total loss of the Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to claim for a constructive total loss of the Vessel, and if both (i) such claim is accepted by all underwriters under all policies then in force as to the Vessel and (ii) payment in full is made in cash under such policies, then the Mortgagee shall have the right to abandon the Vessel to the underwriters under such policies, free from the Lien of this Mortgage.

Constructive Total Loss. In the case event of an Event of Loss which ----------------------- is accident, occurrence or event resulting in a constructive total loss of the any Vessel, the Mortgagee shall have the right (but only with prior written consent of the Mortgagor unless an Event of Default has occurred and is continuing) to may claim for a constructive total loss of the Vesselsuch Vessel and require that Mortgagor declare such to be a constructive total loss, and if both (i) such claim is accepted by all underwriters under all policies then in force as to the such Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies, then then, with the underwriters’ approval, the Mortgagee shall have the right to abandon the such Vessel to the underwriters under such policies, free from the Lien lien of this Mortgage.