Common use of Constructive Total Loss Clause in Contracts

Constructive Total Loss. In the event of an accident, occurrence or event resulting in a constructive total loss of the Vessel, the Mortgagor shall have the right to claim a constructive total loss of such Vessel and if both (i) such claim is accepted by all underwriters under all policies then in force as to such Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies and applied to repay all outstanding Obligations in accordance with §2.3(b) of the Loan Agreement, then the Mortgagor shall have the right at its election, to abandon such Vessel to the underwriters under such policies, free from the lien of this Mortgage.

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

Constructive Total Loss. In the event of an accident, occurrence or event resulting in a constructive total loss of the any Vessel, the Mortgagor shall have the right to Mortgagee may claim for a constructive total loss of such 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 such Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies and applied to repay all outstanding Obligations in accordance policies, then, with §2.3(b) of the Loan Agreementunderwriters’ approval, then the Mortgagor Mortgagee shall have the right at its election, to abandon such Vessel to the underwriters under such policies, free from the lien of this Mortgage.

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

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

Constructive Total Loss. In the event of an accident, occurrence or event resulting in a constructive total loss of the any Vessel, the Mortgagor Mortgagee shall have the right to claim for a constructive total loss of the Vessel and to require that Mortgagor declare such Vessel 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 such the Vessel under which payment is due for total loss and (ii2) payment in full is made in cash under such policies and applied to repay all outstanding Obligations in accordance with §2.3(b) of the Loan Agreementpolicies, then the Mortgagor Mortgagee shall have the right at its election, to abandon such the Vessel to the underwriters under such policies, free from the 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 event of an accident, occurrence or event resulting in a constructive total loss of the Vessel, the Mortgagor shall have the right to claim a constructive total loss of such Vessel and if both (i) such claim is accepted by all underwriters under all policies then in force as to such Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies and applied to repay all outstanding Obligations in accordance with §Section 2.3(b) of the Loan Agreement, then the Mortgagor shall have the right at its election, to abandon such Vessel to the underwriters under such policies, free from the lien of this Mortgage.

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

Constructive Total Loss. In the event of an accident, occurrence or event resulting in a constructive total loss of the Vessel, the Mortgagor shall have the right to claim a constructive total loss of such Vessel and if both (i) such claim is accepted by all underwriters under all policies then in force as to such Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies and applied to repay all outstanding Obligations in accordance with §Section 2.3(b) of the Loan Agreement, then the Mortgagor shall have the right at its election, to abandon such Vessel to the underwriters under such policies, free from the lien of this the Canadian Mortgage.

Constructive Total Loss. In the event of an accident, occurrence or event resulting in a constructive total loss of the Vessel, the Mortgagor Mortgagee shall have the right to claim for a constructive total loss of the Vessel and require that Mortgagor declare such Vessel 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 such the Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies and applied to repay all outstanding Obligations in accordance policies, then, with §2.3(b) of the Loan Agreementunderwriters’ approval, then the Mortgagor Mortgagee shall have abandon the right at its election, to abandon such Vessel to the underwriters under such policies, free from the lien of this Mortgage.