Common use of Requisition of Title Clause in Contracts

Requisition of Title. In the event that the title or ownership of the Ship shall be requisitioned, purchased or taken by any government of any country or any department, agency or representative thereof, or any authority acting or purporting to act under color of government, pursuant to any present or future law, proclamation, decree, order or otherwise, the lien of this Mortgage shall be deemed to attach to the claim for compensation of the Shipowner for its interest in the Ship from such government or department, agency or representative, or from any other source, and the compensation, purchase price, reimbursement or award for such requisition, purchase or other taking of such title or ownership due the Shipowner from such government, department, agency or representative or other source, is hereby declared payable to the Mortgagee, who shall be entitled to receive the same, and shall apply the same as provided in Section 3.3(d) of the Collateral Agency Agreement; and in the event of any such requisition, purchase or taking, the Shipowner shall promptly execute and deliver to the Mortgagee such documents, if any, and shall promptly do and perform such acts, if any, 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. In the event that the title or ownership of the Ship Vessel shall be requisitioned, purchased or taken by any government of any country or any department, agency or representative thereof, or any authority acting or purporting to act under color of government, pursuant to any present or future law, proclamation, decree, order or otherwise, the lien of this Mortgage shall be deemed to attach to the claim for compensation of the Shipowner for its interest in the Ship Vessel from such government or department, agency or representative, or from any other source, and the compensation, purchase price, reimbursement or award for such requisition, purchase or other taking of such title or ownership due the Shipowner shipowner from such government, department, agency or representative or other source, is hereby declared payable to the Mortgagee, who shall be entitled to receive the same, and shall apply the same as provided in Section 3.3(d) of the Collateral Agency Agreement; and in the event of any such requisition, purchase or taking, the Shipowner shall promptly execute and deliver to the Mortgagee such documents, if any, and shall promptly do and perform such acts, if any, 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. In the event that the title or ownership of the Ship Vessel shall be requisitioned, purchased or taken by any government of any country or any department, agency or representative thereof, or any authority acting or purporting to act under color of government, pursuant to any present or future law, proclamation, decree, order or otherwise, the lien of this Mortgage shall be deemed to attach to the claim for compensation of the Shipowner for its interest in the Ship Vessel from such government or department, agency or representative, or from any other source, and the compensation, purchase price, reimbursement or award for such requisition, purchase or other taking of such title or ownership due the Shipowner from such government, department, agency or representative or other source, is hereby declared payable to the Mortgagee, who shall be entitled to receive the same, and shall apply the same as provided in Section 3.3(d) of the Collateral Agency Agreement; and in the event of any such requisition, purchase or taking, the Shipowner shall promptly execute and deliver to the Mortgagee such documents, if any, and shall promptly do and perform such acts, if any, 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.