Common use of Requisition of Title or Use Clause in Contracts

Requisition of Title or Use. In the event that the title to or ownership of the Vessels, or any of them, or the use of the Vessels, or any of them (whether on a bareboat or time charter basis or any other basis), shall be requisitioned, purchased or taken by, or the Vessels, or any of them, shall be seized by or forfeited to any government of any country or any department, agency or representative thereof pursuant to any present or future law, proclamation, decree, order or otherwise, or to any other person or persons, whether or not acting under color of governmental authority, and the compensation, purchase price, reimbursement or award for such requisition, purchase, seizure, forfeiture or other taking of such title, ownership or use shall be an amount equal to or greater than (i) $750,000 (but only if the Mortgagor fails within 270 days after the date of such event of requisition to have or to have made commitments to have one or more Eligible Vessels (as defined in 5.1 hereof), collectively with an aggregate fair market value at least equal to the amount of such compensation (as evidenced by delivery to the Mortgagee of an appraisal in form and substance satisfactory to the Mortgagee), subjected to this Fleet Mortgage pursuant to the provisions of Section 5.3 hereof, or (ii) $25,000,000, then such event shall be deemed a "Condemnation" and the compensation shall be deemed to be "Condemnation Proceeds" to be applied by the Mortgagor to prepay outstanding Obligations in accordance with Section 2.26 of the Revolving Credit and Guaranty Agreement; provided however, if an Event of Default shall have occurred and be continuing, any amount received in the event of a requisition described above shall be applied by the Mortgagor to prepay outstanding Obligations in accordance with Section 2.26 of the Revolving Credit and Guaranty Agreement. To the extent that any Condemnation Proceeds are payable to the Mortgagee, the Mortgagor hereby constitutes and appoints the Mortgagee and its successors and assigns, its true and lawful attorney, for it and in its name, place and stead, to collect, receipt for, acknowledge the payment of, sue for and execute any documentation or writing that may be necessarx xr required in order to obtain payment of said compensation, purchase price, reimbursement or award, giving and granting to said attorney full power and authority to do and perform every act and thing whatsoever requisite or necessary to be done as fully and to all intents and purposes as it, the Mortgagor, might or could do if personally present at the doing thereof, with full power of substitution, hereby ratifying and confirming all that its said attorney or substitute shall do or cause to be done by virtue hereof, and the Mortgagor shall promptly execute and deliver to the Mortgagee such documents and shall promptly do and perform such acts as in the opinion of the Mortgagee may be necessary or useful to facilitate or expedite the collection by the Mortgagee of such compensation, purchase price, reimbursement or award.

Requisition of Title or Use. In the event that the title to or ownership of the Vessels, or any of themVessel, or the use of the Vessels, or any of them (whether on a bareboat or time charter basis or any other basis)Vessel, shall be requisitioned, purchased or taken by, or the Vessels, or any of them, Vessel shall be seized by or forfeited to to, any government of any country or any department, agency or representative thereof thereof, pursuant to any present or future law, proclamation, decree, order or otherwise, otherwise or to by any other person or persons, whether or not acting under color of governmental authority, and the compensation, purchase price, reimbursement or award for such requisition, purchase, seizure, forfeiture or other taking of such title, ownership or use shall forthwith be an amount equal to or greater than (i) $750,000 (but only if the Mortgagor fails within 270 days after the date of such event of requisition to have or to have made commitments to have one or more Eligible Vessels (as defined in 5.1 hereof), collectively with an aggregate fair market value at least equal to the amount of such compensation (as evidenced by delivery to the Mortgagee of an appraisal in form and substance satisfactory to the Mortgagee), subjected to this Fleet Mortgage pursuant to the provisions of Section 5.3 hereof, or (ii) $25,000,000, then such event shall be deemed a "Condemnation" and the compensation shall be deemed to be "Condemnation Proceeds" to be applied by the Mortgagor to prepay outstanding Obligations in accordance with Section 2.26 of the Revolving Credit and Guaranty Agreement; provided however, if an Event of Default shall have occurred and be continuing, any amount received in the event of a requisition described above shall be applied by the Mortgagor to prepay outstanding Obligations in accordance with Section 2.26 of the Revolving Credit and Guaranty Agreement. To the extent that any Condemnation Proceeds are become payable to the Mortgagee, the . The Mortgagor hereby constitutes and appoints the Mortgagee and its successors and assigns, as its true and lawful attorney, for it and in its name, place and stead, from and after a requisition, purchase, seizure, forfeiture, or other taking of such title, and during the continuance thereof, to collect, receipt for, acknowledge the payment of, sue xxx for and execute any documentation or writing that may be necessarx xr necessary or required in order to obtain payment of said compensation, purchase price, reimbursement or award, giving and granting to said attorney full power and authority to do and to perform every act and thing whatsoever requisite or necessary to be done as fully in order to protect the assets set forth herein, including the ship and to all intents and purposes as it, the Mortgagor, might or could do if personally present at the doing thereof, with full power of substitution, hereby ratifying and confirming all that its said attorney or substitute shall do or cause to be done by virtue hereof, and the appurtenances. Mortgagor shall promptly execute and deliver to the Mortgagee such documents and shall promptly do and perform such acts as in the opinion of the Mortgagee may be necessary or useful to facilitate or expedite the collection by the Mortgagee of such compensation, purchase price, reimbursement or award.

Requisition of Title or Use. In the event that the title to or ownership of the Vessels, or any of themVessel, or the use of the Vessels, or any of them (whether on a bareboat or time charter basis or any other basis)Vessel, shall be requisitioned, purchased or taken by, or the Vessels, or any of them, Vessel shall be seized by or forfeited to to, any government of any country or any department, agency or representative thereof thereof, pursuant to any present or future law, proclamation, decree, order or otherwise, otherwise or to by any other person or persons, whether or not acting under color of governmental authority, and the compensation, purchase price, reimbursement or award for such requisition, purchase, seizure, forfeiture or other taking of such title, ownership or use shall forthwith be an amount equal to or greater than (i) $750,000 (but only if the Mortgagor fails within 270 days after the date of such event of requisition to have or to have made commitments to have one or more Eligible Vessels (as defined in 5.1 hereof), collectively with an aggregate fair market value at least equal to the amount of such compensation (as evidenced by delivery to the Mortgagee of an appraisal in form and substance satisfactory to the Mortgagee), subjected to this Fleet Mortgage pursuant to the provisions of Section 5.3 hereof, or (ii) $25,000,000, then such event shall be deemed a "Condemnation" and the compensation shall be deemed to be "Condemnation Proceeds" to be applied by the Mortgagor to prepay outstanding Obligations in accordance with Section 2.26 of the Revolving Credit and Guaranty Agreement; provided however, if an Event of Default shall have occurred and be continuing, any amount received in the event of a requisition described above shall be applied by the Mortgagor to prepay outstanding Obligations in accordance with Section 2.26 of the Revolving Credit and Guaranty Agreement. To the extent that any Condemnation Proceeds are become payable to the Mortgagee, the . The Mortgagor hereby constitutes and appoints the Mortgagee and its successors and assigns, its true and lawful attorney, for it and in its name, place and stead, from and after a requisition, purchase, seizure, forfeiture, or other taking of such title, and during the continuance thereof, to collect, receipt for, acknowledge the payment of, sue for and execute any documentation or writing that may be necessarx xr necexxxry or required in order to obtain payment of said compensation, purchase price, reimbursement or award, giving and granting to said attorney full power and authority to do and perform every act and thing whatsoever requisite or necessary to be done in or about the premises as fully and to all intents and purposes as it, the Mortgagor, might or could do if personally present at the doing thereof, with full power of substitution, hereby ratifying and confirming all that its said attorney or substitute shall do or cause to be done by virtue hereof, and the . The Mortgagor shall promptly execute and deliver to the Mortgagee such documents and shall promptly do and perform such acts as in the opinion of the Mortgagee may be necessary or useful to facilitate or expedite the collection by the Mortgagee of such compensation, purchase price, reimbursement or award.