Requisition Compensation Clause Samples
The Requisition Compensation clause defines the compensation owed to a party if their property or assets are requisitioned by a government authority or other entity. Typically, this clause outlines the calculation method for compensation, such as fair market value or replacement cost, and may specify the timing and process for payment. Its core function is to ensure that the affected party is fairly compensated for losses resulting from requisition, thereby allocating risk and providing financial protection in such events.
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Requisition Compensation shall be held by it upon trust in the first place to pay or make good the Expenses and the balance shall be applied in the manner specified in clause 14.1 of the Loan Agreement.
Requisition Compensation shall be held by it upon trust in the first place to pay or make good the Expenses and the balance shall be applied by the Mortgagee in the manner specified in clause 2.10 of the Corporate Guarantee.
Requisition Compensation shall (subject to the First General Assignment) be held by it upon trust in the first place to pay or make good the Expenses and the balance shall be applied by the Mortgagee in the manner specified in clause 2.10 of the Corporate Guarantee.
Requisition Compensation to assign and provide that Requisition Compensation is applied in accordance with Section 8 hereof as if received in respect of the sale of the Vessel;
Requisition Compensation includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph
(b) of the definition of " ". " Authority " means any body which has authority to exercise any Write-down and Conversion Powers. " " means a person:
(a) that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person);
(b) located, organised or resident in a country or territory that is the target of Sanctions that broadly prohibit dealings with that country or territory (currently, Crimea, Cuba, Iran, North Korea, Syria, Donetsk and Luhansk); or
(c) that is directly or indirectly owned or controlled by a person referred to in (a) and/or
Requisition Compensation shall be paid over to the Agent who shall hold them upon trust in the first place to pay or make good the Expenses and the balance shall be applied in the manner specified in clause 2.10 of the Collateral Guarantee.
Requisition Compensation includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph
Requisition Compensation shall be held by it upon trust in the first place to pay or make good the Expenses and the balance shall:
(a) in the case of moneys received in respect of recovery under the Insurances in relation to a Total Loss of the Ship or her Requisition Compensation:
(i) if no Default has occurred and is continuing, be applied in making such prepayment as is required in accordance with clause 4.3 of the Loan Agreement and in or towards any payments required under clause 4.4 of the Loan Agreement; or
(ii) if a Default has occurred and is continuing but no Event of Default has occurred and is continuing, be retained by the Mortgagee on a suspense account until such time as such Default is remedied and no other Default has occurred and is continuing (whereupon such moneys shall be applied in making such prepayment as is required in accordance with clause 4.3 of the Loan Agreement and in or towards any payments required under clause 4.4 of the Loan Agreement) provided that, until applied in accordance with clause 4.3 of the Loan Agreement and in or towards any payments required under clause 4.4 of the Loan Agreement or paragraph (b) below, moneys so retained shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner under the Security Documents or any of them by virtue of payment demanded thereunder; or
(b) in any other case or if an Event of Default has occurred, be applied by the Mortgagee in the manner specified in clause 13.1 of the Loan Agreement or (at the absolute discretion of the Mortgagee) paragraph (a)(ii) above.
Requisition Compensation includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph of the definition of " ". " " means any body which has authority to exercise any Write -down and Conversion Powers. "
Requisition Compensation without prejudice to clause 2.