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 any Vessel, the 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, then, with the underwriters’ approval, the Mortgagee shall 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 any Vessel, the Mortgagee may 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 and require that Mortgagor declare such to be a constructive total lossVessel, 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, then, with the underwriters’ approval, then the Mortgagee shall have the right 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 any Vessel, the Mortgagee may shall have the right to claim for a constructive total loss of such the Vessel 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 such the Vessel under which payment is due for total loss and (ii2) payment in full is made in cash under such policies, then, with the underwriters’ approval, then the 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 case of an accident, occurrence or event resulting in Event of Loss ----------------------- which is a constructive total loss of any the Vessel, the Mortgagee may 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 and require that Mortgagor declare such to be a constructive total lossthe 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, then, with the underwriters’ approval, then the Mortgagee shall have the right 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 any the Vessel, the Mortgagee may Mortgagor shall have the right to 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 policiespolicies and applied to repay all outstanding Obligations in accordance with Section 2.3(b) of the Loan Agreement, thenthen the Mortgagor shall have the right at its election, with the underwriters’ approval, the Mortgagee shall to abandon such Vessel to the underwriters under such policies, free from the lien of this Mortgage.

Constructive Total Loss. In the event of an accident, occurrence or event resulting in a constructive total loss of any the Vessel, the Mortgagee may shall claim for a constructive total loss of such the 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 the Vessel under which payment is due for total loss and (ii) payment in full is made in cash under such policies, then, with the underwriters’ approval, the Mortgagee shall abandon such the 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 any the Vessel, the Mortgagee may 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 and require that Mortgagor declare such to be a constructive total lossthe 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, then, with the underwriters’ approval, then the Mortgagee shall have the right 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 any the Vessel, the Mortgagee may 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 and require that Mortgagor declare such to be a constructive total lossthe 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, then, with the underwriters’ approval, then the Mortgagee shall have the right to abandon such the Vessel to the underwriters under such policies, free from the lien Lien of this Mortgage.