Common use of Original Insurance Policy Clause in Contracts

Original Insurance Policy. Except as the Mortgagee shall otherwise direct by notice in writing to the Mortgagor, the Mortgagor shall deliver to the Mortgagee the original policies evidencing insurance maintained under this Section; provided that, if any such original policy shall have been delivered previously to the Mortgagee or to a mortgagee by the Mortgagor under another ship mortgage of the Mortgagor, the Mortgagor shall deliver a duplicate or pro forma copy of such policy to the Mortgagee. The Mortgagee or any agent thereof (who may also be an agent of the issuer) shall at all times hold the policies delivered as aforesaid; provided that, if one or more of said policies are held by an agent of the Mortgagee, the Mortgagor shall, upon the Mortgagee’s Request, deliver a duplicate or pro forma copy thereof to the Mortgagee, and provided further, that if the Mortgagor shall deliver to the Mortgagee a Request (1) stating that delivery of such policy to the insurer is necessary in connection with the collection, enforcement or settlement of any claim thereunder (including claims for return premiums and any other amounts payable by the insurer) and (2) setting forth the name and address of the Person to whom such policy is to be delivered or mailed for such purpose, and if the Mortgagee approves such Request, the Mortgagee shall, at the Mortgagor’s expense, deliver or mail (by registered or certified mail, postage prepaid) such policy in accordance with such Request, accompanied by a written direction to the recipient to redeliver such policy directly to the Mortgagee or an agent thereof when it has served the purpose for which so delivered. The Mortgagor agrees that, in case it shall at any time so cause the delivery or mailing of any policy to any Person as aforesaid, the Mortgagor will cause such policy to be promptly redelivered to the Mortgagee or an agent thereof as aforesaid. The Mortgagee shall have no duty to see to the redelivery of such policy, but shall have the duty to request the redelivery thereof at intervals of sixty (60) days thereafter.

Original Insurance Policy. Except as the Mortgagee Administrator shall otherwise direct by notice in writing to the MortgagorShipowner, the Mortgagor Shipowner shall deliver to the Mortgagee Administrator the original policies evidencing insurance maintained under this Section; provided that, if any such original policy shall have been delivered previously to the Mortgagee Administrator or to a mortgagee by the Mortgagor Shipowner under another ship mortgage of the MortgagorShipowner, the Mortgagor Shipowner shall deliver a duplicate or pro forma copy of such policy to the MortgageeAdministrator. The Mortgagee Administrator or any agent thereof (who may also be an agent of the issuer) shall at all times hold the policies delivered as aforesaid; provided that, if one or more of said policies are held by an agent of the MortgageeAdministrator, the Mortgagor Shipowner shall, upon the MortgageeAdministrator’s Request, deliver a duplicate or pro forma copy thereof to the MortgageeAdministrator, and provided further, that if the Mortgagor Shipowner shall deliver to the Mortgagee Administrator a Request (1) stating that delivery of such policy to the insurer is necessary in connection with the collection, enforcement or settlement of any claim thereunder (including claims for return premiums and any other amounts payable by the insurer) and (2) setting forth the name and address of the Person to whom such policy is to be delivered or mailed for such purpose, and if the Mortgagee Administrator approves such Request, the Mortgagee Administrator shall, at the MortgagorShipowner’s expense, deliver or mail (by registered or certified mail, postage prepaid) such policy in accordance with such Request, accompanied by a written direction to the recipient to redeliver such policy directly to the Mortgagee Administrator or an agent thereof when it has served the purpose for which so delivered. The Mortgagor Shipowner agrees that, in case it shall at any time so cause the delivery or mailing of any policy to any Person as aforesaid, the Mortgagor Shipowner will cause such policy to be promptly redelivered to the Mortgagee Administrator or an agent thereof as aforesaid. The Mortgagee Administrator shall have no duty to see to the redelivery of such policy, but shall have the duty to request the redelivery thereof at intervals of sixty (60) days thereafter.

Original Insurance Policy. Except as the Mortgagee shall otherwise direct by notice in writing to the Mortgagor, the Mortgagor shall deliver to the Mortgagee the original policies and certificates of insurance evidencing insurance maintained under this Section; provided that, if any such original policy shall have been delivered previously to the Mortgagee or to a mortgagee by the Mortgagor under another ship mortgage of the Mortgagor, the Mortgagor shall deliver a duplicate or pro forma copy of such policy to the Mortgagee. The Mortgagee or any agent thereof (who may also be an agent of the issuer) shall at all times hold the policies delivered as aforesaid; provided that, if one or more of said policies are held by an agent of the Mortgagee, the Mortgagor shall, upon the Mortgagee’s Request, deliver a duplicate or pro forma copy thereof to the Mortgagee, and provided further, that if the Mortgagor shall deliver to the Mortgagee a Request (1) stating that delivery of such policy to the insurer is necessary in connection with the collection, enforcement or settlement of any claim thereunder (including claims for return premiums and any other amounts payable by the insurer) and (2) setting forth the name and address of the Person to whom such policy is to be delivered or mailed for such purpose, and if the Mortgagee approves such Request, the Mortgagee shall, at the Mortgagor’s expense, deliver or mail (by registered or certified mail, postage prepaid) such policy in accordance with such Request, accompanied by a written direction to the recipient to redeliver such policy directly to the Mortgagee or an agent thereof when it has served the purpose for which so delivered. The Mortgagor agrees that, in case it shall at any time so cause the delivery or mailing of any policy to any Person as aforesaid, the Mortgagor will cause such policy to be promptly redelivered to the Mortgagee or an agent thereof as aforesaid. The Mortgagee shall have no duty to see to the redelivery of such policy, but shall have the duty to request the redelivery thereof at intervals of sixty (60) days thereafter.