Common use of Application of Insurances received by Mortgagee Clause in Contracts

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Charterer contained in clause 3.1 shall: 11.3.1 if received by the Mortgagee, or in the hands of the Mortgagee after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or the other Borrowers under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case the Mortgagee may in its absolute discretion determine; and 11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 and/or clause 11.3, as the Mortgagee may in its absolute discretion determine.

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Charterer contained in clause 3.1 shall:shall (subject to the First Mortgage Documents): 11.3.1 if received by the Mortgagee, or in the hands of the Mortgagee after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or the other Borrowers under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case the Mortgagee may in its absolute discretion determine; and 11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 and/or clause 11.3, as the Mortgagee may in its absolute discretion determine.

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Charterer contained in clause 3.1 and 5.2 shall: 11.3.1 if received by the Mortgagee, or in the hands of the Mortgagee after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or the other Borrowers under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case the Mortgagee may in its absolute discretion determine; and 11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 and/or clause 11.3, as the Mortgagee may in its absolute discretion determine.

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Charterer contained in clause 3.1 shall: 11.3.1 if received by the Mortgagee, or in the hands of the Mortgagee after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or the other Borrowers under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case the Mortgagee may in its absolute discretion determine; and 11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 111 and/or clause 11.3, as the Mortgagee may in its absolute discretion determine.

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Charterer contained in clause 3.1 shall: 11.3.1 if received by the Mortgagee, or in the hands of the Mortgagee after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or the other Borrowers under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case the Mortgagee may in its absolute discretion determine; and 11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 and/or clause Hause 11.3, as the Mortgagee may in its absolute discretion disxxxxxon determine.

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Owner and the Charterer contained in clause 3.1 clauses 4.1 and 6.2 shall: 11.3.1 13.4.1 if received by the Mortgagee, or in the hands of the Mortgagee Mortgagee, after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Owner (during the Non-Charter Period) or to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or and/or the other Borrowers Charterer (as the case may be) under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case as the Mortgagee may in its absolute discretion determine; and 11.3.2 13.4.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 13.1 and/or clause 11.313.4.1, as the Mortgagee may in its absolute discretion determine.

Application of Insurances received by Mortgagee. Any moneys received by the Mortgagee in respect of the Insurances (other than in respect of recovery under any loss of earnings eamings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Charterer contained in clause 3.1 shall: 11.3.1 if received by the Mortgagee, or in the hands of the Mortgagee after the occurrence of a Default but prior to the occurrence of an Event of Default, be retained by the Mortgagee and shall be paid over by the Mortgagee to the Charterer (during the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner or the other Borrowers under the Security Documents or any of them or by virtue of payment demanded thereunder, in each case the Mortgagee may in its absolute discretion determine; and 11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the occurrence of an Event of Default, be applied by the Mortgagee in the manner specified in clause 11.1 and/or clause 11.3, as the Mortgagee may in its absolute discretion determine.